Business Times

New port city being built at $450 mln cost

The ensuing peace in the country has brought in a period of prosperity to the Colombo Port in 2010 and the port has been able to achieve a growth of 26% which has been one of the highest in the region by handling 4.15 million TEUs.

File photo shows the Colombo Port

The present capacity of the port is 4.5 million TEUs and this is expected to increase to 4.8 million units in 2011, said Sri Lanka Ports Authority Chairman, Dr. Priyath B. Wickrama speaking at the 10th P.B. Karandawela Memorial Lecture organized by the Chartered institute of Logistics and Transportation, in Colombo last week.

He said though they are aiming to achieve projections set at 4.8 million TEUs by the end of 2011 the present capacity is insufficient to achieve this goal. According to present projections they hope to achieve 6.9 million TEUs by the year 2017. However this could be achieved by 2014 if necessary expansion plans are completed. This would require a second terminal to be constructed making it possible to handle 10 million TEUs by the year 2020. “The development of the Indian ports is beneficial to Sri Lanka as we could play the role of a supportive port,” he said.

Dr Wickrama said, “As a part of the overall expansion a modern port city is to be constructed at an estimated cost of $450 million.” This will also function as a commercial centre, with the project commencing in March this year. Further an ultra modern cargo village will be constructed at Peliyagoda which will be advantages to both the transport and logistics industries.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Dollar seen weakening to Rs 106-108 in 2011
Erroneous New Year lottery incurs heavy loss for NLB
No big names for Kalpitiya, Govt. may issue fresh bids
Seylan Bank’s top three officials resign
Grand Oriental Hotel deal in fizzled out mode
Order reserved in oil hedging arbitration
Comment - Roadmap to prosperity
Feature - US GSP for over 130 countries expires, likely to re-start in next few months
Feature - Crisis in coconut: Long term perspective for development of coconut needed
20,000 MFIs to be regulated under Micro- Finance regulations: CB Governor
Indian experts to share insights at ICASL workshop
Laugfs to offer non Acetylene metal cutting gas
Coca Cola gives permanent jobs to 25 top salesmen
City tour for tourists
Central Bank predicts 8-9% economic growth for Sri Lanka
Budget and the Deemed Dividend Tax
Overseas employment prog. should be pro-active: NWC
Markss Healthcare helps in courses to educate ‘budding’ surgeons
Communications’ specialists to share expertise at Feb. 3 seminar
No control over share price movements : PCH
New MD at Ceylon Tobacco Company
SLASSCOM elects new board for 2011
Efutures provides support services to Wall Street firms
ODEL builds 20 houses to mark 20th anniversary
Pelwatte milk foods to enter the market shortly
East coast - hot destination for heli flights
Aitken Spence Printing at Galle Literary Festival
ICASL to introduce new ICT enabled products to its students and members
20 mln shares on offer in Marawila rights issue
Former Nestle SL MD to head Kotmale
‘SURE’ rewards from Seylan Bank to all customers
Emirates sponsors popular authors to Galle Literary Festival
CB Governor on ITN's "Rupees and Sense"
Colombo bourse half day on Jan. 14
SLIC pays Harry’s DCSL Rs. 6.7 bln as per SC order
HVA set to consolidate HELADIV brand through IPO
Lankan PR firm launches website
Ray of hope for GK depositors under new payment proposals
New port city being built at $450 mln cost
Commercial Bank reaches milestone 400th ATM
Proposed 5-day week for those seeking flexible working hours: EFC
Mobitel reached 3.8 million subscribers by Nov. 2010
Tea prices, production and exports seen strong in 2011: Forbes report
SEC may revisit price band
Lanka Bell may not be sold
Sri Lanka rubber prices seen rising
Oman Air CEO speaks on in-flight entertainment
Sri Lanka is next Asian economic miracle :ex-Pakistan bureaucrat

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution