FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka takes next step to opening strategic China-built port

Sri Lanka takes next step to opening strategic China-built port

Go down  Message [Page 1 of 1]

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
COLOMBO (Reuters) - Sri Lanka will start storing bunker fuel at the $1.5 billion Hambantota port in June, a senior official said, after years of delays to the Chinese-built installation that sits on strategic shipping lanes, and a key step to making it commercially viable.

The state-run Sri Lanka Ports Authority (SLPA) originally had plans to open the facility for ship fuel in May 2011, six months after President Mahinda Rajapaksa launched the port in his home town on his 65th birthday.
"We are about to get the test samples in March. Then we will do the trials. After that we will start proper bunkering operation in June," Priyath Wickrama, chairman of the SLPA told Reuters in an interview.
The $130 million storage project contains eight tanks of bunker oil for ships and six tanks of aviation fuel and LPG.

The port is envisioned as a refueling and service point for cargo ships which pass a few kilometers away off the southern tip of the Indian Ocean island nation, on one of the world's busiest East-West shipping lanes.
The growing influence of China in Sri Lanka has worried India, a neighbor that feels hemmed in by a string of similar port developments stretching from Myanmar to Pakistan and that it fears give the Chinese navy a strategic boost in the region. However, the ports are designed for commercial operations and are mostly not yet fully operational.

China has lent $400 million for the first phase of the new port in Hambantota and another $810 million has been given for the second phase with China Communications Construction Company as the contractor.
Wickrama said the expected handling volume in 2013 is about 45,000 metric tons (49,604 tons) of ship fuel, rising to 125,000 metric tons in 2015. China Exim Bank has loaned $77 million for the terminal, which the ports authority will operate.

RAJAPAKSA CITY
The port is part of Rajapaksa's push to turn Hambantota, a fishing village ravaged by the 2004 tsunami, into one of Asia's leading commercial cities. Hambantota is set to be Sri Lanka's biggest port once the second phase is completed.

Rajapaksa's ambitious plans for his home town following the end of three decades of civil war in 2009 have already helped build the country's second international airport, a 35,000-seater cricket stadium that hosted 2011 World Cup games, and a massive convention center, mostly financed and built by China.
The port, airport and the stadium are all named after Rajapaksa, who is still hailed by many for winning the war against Tamil Tiger separatists, despite international concerns about rights abuses in the intense final months of hostilities.

The Mahinda Rajapaksa International Airport is due to open on March 18, after being built with a $209 million Chinese loan, with China Harbour Engineering Company building the first phase.
An entire new commercial city is planned. A smooth four lane highway has slashed travel time to the capital Colombo, while South Korea is helping build the international convention center. Shangri-La Asia Ltd is building a resort due to open in 2014.

But the viability of the whole plan will depend largely on the success of the port, which has had a rocky start and is increasingly criticized for its low returns on investment.
Thousands of ships were meant to use Hambantota port soon after its November 2010 launch as an alternative to Singapore or Dubai, and unload goods to be moved across Asia and Australia.
But, after the lavish opening ceremony, Sri Lanka had to seek an additional loan from China to remove an undersea rock blocking the mouth of the port, a hitch played down by Wickrama.
"Unfortunately due to certain clearance issues, there was a slight delay," he said.
For now, the main traffic comes from local tourists gawking at the long breakwaters, along with the occasional ship laden with cars. The government ordered all car imports to come through Hambantota in July 2012, to unclog the capital Colombo.

Rajapaksa's political rivals say the move was also aimed to give some life to the facility, where the gilt is peeling from the president's name emblazoned at the port's entrance.
Wickrama said Sri Lanka has already secured $700 million in investments, including $220 million from India's Shree Renuka Sugars Ltd to handle some 500,000 metric tons this year.
The Ports Authority expects another $1 billion in investment through requests for proposals by May, he said.
(Additional reporting by Ranga Sirilal and Frank Jack Daniel; editing by James Jukwey)

http://news.yahoo.com/sri-lanka-takes-next-step-opening-strategic-china-201137912.html;_ylt=A2KJ2UYL5TVRCHQA0FbQtDMD

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum