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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Govt. unaware of US$ 3.6 bn IOC refinery investment here!

Govt. unaware of US$ 3.6 bn IOC refinery investment here!

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Ravi Ladduwahetty

With Foreign Direct Investments into Sri Lanka for 2012 way below expectations, the government is blissfully unaware of a proposed US$ 3.6 billion investment here by regional petroleum giant and Fortune 500 multinational Indian Oil Corporation !

A high profile Indian Oil Corporation delegation arrived in Sri Lanka in April this year for a prefeasibility study on the mega investment on the proposed refinery.

The government, reacting to a premature report published in Business Standard India and quoted in The Island yesterday, totally denied the story, claiming that the story was false and that no negotiations have been held with the government.

The spokesman for the Ministry of Petroleum Industries said that no negotiations had been held with the government regarding an oil refinery and that no other local or overseas private sector institution or company has approached the government for the establishment of an oil refinery.

However, when contacted, Lanka Indian Oil Corporation Managing Director/ CEO Subodh Dakvale told The Island last night that an Indian OIL team had arrived in Sri Lanka for the feasibility study and returned home with it, although the IOC Main Board had not decided on when to establish the refinery in Sri Lanka. " The fact that we have not yet approached the government of Sri Lanka is true but the project is definitely on," he said.

The Sri Lankan refinery would have a capacity of between 5-9 million tonnes per annum and would be set up adjacent to the Sapugaskanda refinery and plans to set it up as a joint venture with the GOSL, the Business Times of India reported.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58144

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