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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Part of Port City work is to go on

Part of Port City work is to go on

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1Part of Port City work is to go on Empty Part of Port City work is to go on Wed Mar 18, 2015 11:22 pm

NZ BOY

NZ BOY
Moderator
Moderator
The Government has allowed the construction work on part of the Port City Project to continue to avoid damage from sea erosion.

Ports and Aviation Minister Arjuna Ranatunga said that the Attorney General’s advice has meanwhile been sought on the project.

He said that President Maithripala Sirisena will discuss the future of the project during his visit to China later this month.

Ranatunga said that some of the areas of the incomplete construction were getting damaged as a result of heavy rain and strong waves.

In order to prevent further damage till a final decision is taken on the project, the Government has agreed to allow the construction on some sections of the project to continue, Ranatunga said.

The Chinese company involved in the Colombo Port City Project had said it was losing USD 380,000 per day as a result of the work on the project being suspended.

China Construction Communication Company Pvt Ltd (CCCC) said that all construction work on the Colombo Port City had stopped following the Sri Lankan Government’s official communication on 6th of March 2015 issued by the Secretary to the Ministry of Ports, Shipping & Aviation, communicating the decision by the Cabinet Ministers of Sri Lanka, to temporarily suspend ongoing work of the Project, with immediate effect.

The Colombo Port City project, which is a 100% privately funded foreign direct investment of US Dollars 1.4 billion by CCCC, began construction following the signing of an Agreement with the Government of Sri Lanka on 16 September 2014. Colombo Gazette

2Part of Port City work is to go on Empty Re: Part of Port City work is to go on Thu Mar 19, 2015 7:21 am

vipunan

vipunan
Equity Analytic
Equity Analytic
its good news for AEL.

3Part of Port City work is to go on Empty Re: Part of Port City work is to go on Thu Mar 19, 2015 10:11 am

piyalpy


Manager - Equity Analytics
Manager - Equity Analytics
It is now being proved that Ranil is not good economist. Very bad decisions...

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