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| Sunday, 15 June 2003 |
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Lanka Phosphate to tie up with Japanese company Bharatha Malawaraarachchi reporting from Tokyo Lanka Phosphate Ltd (LPL) is exploring the possibility of forming a multimillion dollar joint venture with a reputed Japanese firm. The company expects to set up a US$ 70 million plant in Trincomalee to produce Triple Super Phosphate (TSP) in collaboration with Mitsui Engineering and Ship Building Company of Japan. The cost of the project is estimated to be around US$ 100 million. An initial discussion in this regard took place in Japan and was attended by Secretary to the Ministry of Enterprise Development, Investment Promotion and Industrial Policy Ranjith Fernando and LPL Chairman Dayasiri Jayasekera. "The project will be a joint venture," Chairman Jayasekera told the Sunday Observer soon after discussions with the Japanese counterpart. "The Japanese firm has expressed willingness to build the plant, install the equipment and provide technical expertise. For trading, we are planning to find another partner of international repute," added Jayasekera. The proposed plant is expected to turn out 600 MT of TSP per day and 200,000 MT per year. Through this process, 800 MT of gypsum per day could be manufactured as a by-product. Gypsum could be utilised for manufacturing cement and hard board. According to Jayasekera, around 70,000 MT of gypsum is imported to Sri Lanka every year. "In this context, once the factory is commissioned, the country could save foreign exchange worth Rs 600 million annually." "At the same time, we can raise further foreign exchange by exporting TSP to countries such as India, Pakistan and China where there is high demand for TSP in the agriculture sector." Under the proposed project, a new railway line is expected to be constructed from Eppawala to Kekirawa to transport phosphate to Trincomalee. |
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