Dubai investor in Hambantota oil refinery

By Tharindri Rupesinghe

Plans to build an oil refinery in Hambantota are to be finalized within the next fortnight, according to Dr. Sarath Amunugama, Minister of Enterprise Development and Investment Promotion. Speaking at Friday’s Imexpro 2008 Foreign Trade Promotion Exhibition, he confirmed that the oil refinery is to be a project of a Dubai-based private investor. He says that the initial discussions will result in them signing the agreement in two weeks time.

Elaborating on the project, Foreign Secretary Dr. Palitha Kohona (also present at the event) said that the oil will be brought in from the Middle East, refined in Hambantota and then re-exported. “This oil will not be for local consumption,” he said adding that the investors were “very enthusiastic” over the venture. According to Amunugama, the project will be a $1 billion investment that will be handled by the private firm.