The Hub will also include the development of a storage tanks of the Era of the Second World War, owned by the Sri Lanka subsidiary of Indian Oil. | Photo credit: Dinuka Liyanawatte
Sri Lanka will begin working next month in plans to develop an energy center with India and the United Arab Emirates (EAU), the Minister of Energy said on Friday, while the nation seeks to take advantage of its strategic location, a recovery of a financial crisis.
The trio signed an agreement to create the duration of the center a visit this month by Prime Minister Narendra Modi, the first world leader to visit the island since President Anura Kumara Dissanayake assumed the position last September.
Dissanayake won a choice with stability promises after the worst financial crisis in decades three years ago triggered fugitive inflation, sent the local break to free fall and forced the country to fail to comply with $ 25 billion of debt.
The center of the city of Trincomalee of Eastern Harbor will imply the construction of a multiple products pipe, as well as grocery facilities and a potential refinery.
It will also include the development of a storage tanks of the Era of the Second World War, partially owned by the Sri Lanka subsidiary of Indian Oil.
The representatives of Ceylon Petroleum, the Indian oil and the advertising ports of India will meet in Sri Lanka at the end of May to begin discussions about a detailed business plan for the Hub, said the Ministry of Energy Udayanga Hemapala.
“A joint project monitoring committee has been established to supervise the development of the business plan and any final detailed proposals,” Hemapala told Reuters.
President Dissanayake also discussed energy cooperation in Colombo this week with the Vice Prime Minister of the EAU and the Minister of Foreign Affairs, Sheikh Abdullah Bin Zayed al Nahyan, the president’s office.
The Chinese state energy firm Sinopec has signed an agreement to build an oil refinery of $ 3.2 billion in the Port City of southern Sri Lanka de Hambantota.
Posted on April 25, 2025