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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » US Imposes Sanctions On Colombo Port City Builders And Chinese Companies

US Imposes Sanctions On Colombo Port City Builders And Chinese Companies

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Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator

Angry Beijing describes US moves as 'unilateral and unjust'


The US has imposed sanctions on 24 Chinese companies-- including the builders of Colombo Port City-making it illegal for American companies to export products to these entities without a Government licence.

In Colombo, the Chinese Embassy hit back at the latest move which also affects China Communications Construction Company (CCCC), the parent company of China Harbour Engineering Company, which is building the Colombo Port City and also constructed the Hambantota Port and the Mattala Rajapaksa International Airport.


“The Embassy does believe that normal business cooperation by licensed companies or individuals from China and Sri Lanka, two sovereign countries, will be affected by such unilateral and unjust sanctions from a third country,” said the Chinese Embassy' Political Section Chief Luo Hong.


The sanctions targeted companies and individuals involved with constructions in the South China Sea, particularly the building of artificial islands as part of the One Belt, One
Road initiative ( OBOR). China has urged the US to “rectify its mistakes and immediately stop interfering in China's internal affairs,” Mr Luo said.



“The Chinese companies and individuals are participating in construction on its own territory, completely within the scope of its sovereignty,” he said. “US sanctions, which involve typical hegemonic logic and power politics, have blatantly interfered in China's internal affairs, violated international law and norms governing international relations.”


It is the first time the US has sanctioned Chinese companies involved in building artificial islands. It has labelled the construction programme as an illegal attempt to control an important shipping route.


 Visa restrictions are also imposed on executives at those companies and on other individuals responsible for the island building.


The blacklist is called the “Entity List” and now contains more than 300 Chinese entities including Huawei. US sanctions -- such as those imposed on Iran and Myanmar -- have in the past discouraged countries like Sri Lanka from engaging with the targets.


For instance, Colombo stopped crude oil imports from Iran, even switching to other grades in line with US sanctions against Tehran. At the time, Sri Lanka had imported nearly all of its 50,000 barrels per day from Iran.


China “must not be allowed to use CCCC and other stateowned enterprises as weapons to impose an expansionist agenda,” US Secretary of State Mike Pompeo said in a statement. “The United States will act until we see Beijing discontinue its coercive behavior in the South China Sea, and we will continue to stand with allies and partners in resisting this destabilising activity.”


US media reports said it was not clear how the sanctions might affect CCCC. Another subsidiary, Shanghai Zhenhua Heavy Industries Co., also known as ZPMC, recently supplied cranes to the Sri Lanka Ports Authority.


Source-Sunday Times.lk

Eranga87 likes this post

samaritan


Moderator
Moderator
Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???


_________________




The biggest risk in life is not taking any risk at all.

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???

China under taking projects all over the world mostly in Africa, South East Asia and Latin America or South American Continent.


Most countries are debt ridden countries they are unable to repay the loan where china investing and later when that countries unable to repay, Chinese are grapping the places like Sri Lankas Galle harbour.  

Why this sanction exclusively for Colombo harbour project? 

China uses their proxies in Colombo harbour trade union, to agitate against Indian's Colombo eastern harbour project.

Now India screwing the America to sanction on Chinese Colombo projects because America and India see china's influence in Sri Lanka as growing threat to them 

And India also going to build huge harbour in Andaman Nicobar  Island to divert the ships going to Galle and Colombo Harbour. 

India also considering to reinitiate the Sathu cannel project that will allow ships to cross northern Sri Lanka, through Indian territorial water, thus ships no need to visit the Colombo or Galle harbour   

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???
Trump will win 2/3 this time.China and its golaya's will get proper treatement.Await and see...

Eng Krishantha

Eng Krishantha
Expert
Expert
@Yahapalanaya wrote:
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???
Trump will win 2/3 this time.China and its golaya's will get proper treatement.Await and see...
niyama NGO kukkek,

Miss-Sangeetha dislikes this post

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Eng Krishantha wrote:
@Yahapalanaya wrote:
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???
Trump will win 2/3 this time.China and its golaya's will get proper treatement.Await and see...
niyama NGO kukkek,
You guys are begging US and Europe with begging bowl.Rethanawa ne... Very Happy Very Happy Very Happy

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Eng Krishantha wrote:
@Yahapalanaya wrote:
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???
Trump will win 2/3 this time.China and its golaya's will get proper treatement.Await and see...
niyama NGO kukkek,
By the by, are you real engineer.. drunken drunken drunken

samaritan


Moderator
Moderator
@Miss-Sangeetha wrote:
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???

China under taking projects all over the world mostly in Africa, South East Asia and Latin America or South American Continent.


Most countries are debt ridden countries they are unable to repay the loan where china investing and later when that countries unable to repay, Chinese are grapping the places like Sri Lankas Galle harbour.  

Why this sanction exclusively for Colombo harbour project? 

China uses their proxies in Colombo harbour trade union, to agitate against Indian's Colombo eastern harbour project.

Now India screwing the America to sanction on Chinese Colombo projects because America and India see china's influence in Sri Lanka as growing threat to them 

And India also going to build huge harbour in Andaman Nicobar  Island to divert the ships going to Galle and Colombo Harbour. 

India also considering to reinitiate the Sathu cannel project that will allow ships to cross northern Sri Lanka, through Indian territorial water, thus ships no need to visit the Colombo or Galle harbour   
The sanction was not not exclusively for Colombo Port city. It was against 24 Chinese companies and it so happened that one of the companies was the builder of CPC.

Sri lanka is most likely to handover operation of  ECT to an Indian & Japanese joint venture as per the MOC already signed. The agitation by Port TUs may have been carried out by proxies of SJB  to exert pressure on SLPP camp. 

There are grave issues in relation to negative environmental impact to the North of Sri lanka which cannot be ignored if India is to go ahead with the Sethu canal project. So, the chances are that in all probabilities it may not see the light of day.

In conclusion the US sanctions against Chinese construction companies  is a desperate attempt by Trump to improve his dwindling popularity. However, it may open opportunities for AEL & MTD Walkers to play a lead in the development of CPC.


_________________




The biggest risk in life is not taking any risk at all.

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@samaritan wrote:
@Miss-Sangeetha wrote:
@samaritan wrote:Barely two months left for the Presidential contest, Trump probably wants to divert attention of US voters from his failure in countering covid19. 

Wish to know the implications to the development of Colombo Port City. Opportunities for local Companies ???

China under taking projects all over the world mostly in Africa, South East Asia and Latin America or South American Continent.


Most countries are debt ridden countries they are unable to repay the loan where china investing and later when that countries unable to repay, Chinese are grapping the places like Sri Lankas Galle harbour.  

Why this sanction exclusively for Colombo harbour project? 

China uses their proxies in Colombo harbour trade union, to agitate against Indian's Colombo eastern harbour project.

Now India screwing the America to sanction on Chinese Colombo projects because America and India see china's influence in Sri Lanka as growing threat to them 

And India also going to build huge harbour in Andaman Nicobar  Island to divert the ships going to Galle and Colombo Harbour. 

India also considering to reinitiate the Sathu cannel project that will allow ships to cross northern Sri Lanka, through Indian territorial water, thus ships no need to visit the Colombo or Galle harbour   
The sanction was not not exclusively for Colombo Port city. It was against 24 Chinese companies and it so happened that one of the companies was the builder of CPC.

Sri lanka is most likely to handover operation of  ECT to an Indian & Japanese joint venture as per the MOC already signed. The agitation by Port TUs may have been carried out by proxies of SJB  to exert pressure on SLPP camp. 

There are grave issues in relation to negative environmental impact to the North of Sri lanka which cannot be ignored if India is to go ahead with the Sethu canal project. So, the chances are that in all probabilities it may not see the light of day.

In conclusion the US sanctions against Chinese construction companies  is a desperate attempt by Trump to improve his dwindling popularity. However, it may open opportunities for AEL & MTD Walkers to play a lead in the development of CPC.


Sethu project was initially co launched by Sri Lanka and India as Sethu samudram. Both the parties realized the cost of the project is too steep and the depths of the waters are too shallow. Because of the narrow properties of the teritorial sea, India alone can never dig up the ocean without the approval of Sri lanka as per united nations Law of the sea-https://www.un.org/depts/los/convention_agreements/texts/unclos/unclos_e.pdf

Therefore relaunching of sethu channel is never going to happen. additionally the sea route via south of Galle is a well established shipping route through out centuries and building a sea port or a channel merely will not deviate established shipping lanes which were followed and navigated safely throughout the ages. Best example is building a port in Hambantota when there is a well established port few hours away in Colombo (which wasn't being utilized by authoties to it's fullest capacity). Marine traffic did not deviate from it's original route from singapore via Galle / Colombo or from Suez / Gulf via Galle, Colombo. This is to emphasize the fact that merely building harbors doesn't make a sea route.

Many argued the fact that ships will fuel in Hambantota. As a mariner by profession, I know for a fact that both Singapore and Gulf countries could offer far more cheaper bunker fuel for shipping than Sri lanka can ever offer therefore Shipping companies would never opt to call Hambantota for purpose of bunkering or stores. ( Singapore gets fuel from Malaysia which produces oil and Almost all gulf countries produce oil. What ever ship's that are being called to Hambantota are just deviations from port of Colombo and not new traffic. If they really wanted to build a port for per se, they could have further developed and deepen the Galle harbor instead of building a new harbor in Hambantota. 

Whatever said and done, India would have established a shipping route North of SL long ago if it was that simple.
Even if India overcomes all the other barriers, they could never overcome the pressure exerted by Hindu devotees for digging up and destroying their Adam's bridge or should I say, Rama sethu (Ram's bridge). SL is blessed by not only Ravan but by Ram too Very Happy Very Happy Laughing Laughing

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