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Business Standard
25-04-2025
- Business
- Business Standard
Sri Lanka to hold talks with India, UAE to build new energy hub in May
Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September. Dissanayake won an election with pledges of stability after the worst financial crisis in decades threeyears ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt. The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery. It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil. Representatives from state-run Ceylon Petroleum, Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala. "A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters. President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said. Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Time of India
25-04-2025
- Business
- Time of India
Sri Lanka to begin talks with India, UAE for new energy hub
Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September. Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt. The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery. It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil . Representatives from state-run Ceylon Petroleum , Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala. "A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters. President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said. Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Time of India
25-04-2025
- Business
- Time of India
Sri Lanka to begin talks with India, UAE for new energy hub
Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. #Pahalgam Terrorist Attack Pakistan suspends Simla pact: What it means & who's affected What is India's defence muscle if it ever has to attack? Can Pakistan afford a full-scale war with India? The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September. Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery. It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil . Live Events Representatives from state-run Ceylon Petroleum , Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala. "A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters. President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said. Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Zawya
25-04-2025
- Business
- Zawya
Sri Lanka to begin talks with India, UAE for new energy hub
COLOMBO - Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September. Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt. The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery. It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil. Representatives from state-run Ceylon Petroleum, Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala. "A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters. President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said. Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Business Times
25-04-2025
- Business
- Business Times
Sri Lanka to begin talks with India, UAE for new energy hub
[COLOMBO] Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday (Apr 25), as the nation looks to leverage its strategic location to cement a recovery from a financial crisis. The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September. Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on US$25 billion of debt. The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery. It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil. Representatives from state-run Ceylon Petroleum, Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala. 'A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals,' Hemapala told Reuters. President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said. Chinese state energy firm Sinopec has signed a deal to build a US$3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota. REUTERS
