Green light for four business ventures in H’tota Port

by Uditha KUMARASINGHE

The Government has granted approval to four investors who have signed agreements with the Sri Lanka Ports Authority (SLPA) to set up business ventures at the Hambantota Port premises, Ports and Highways Deputy Minister Rohitha Abeygunawardene told the Sunday Observer.

The Deputy Minister said these four companies have pledged to invest US$ 676.86 million to launch industries in the Hambantota Port. Twenty-seven investors have also expressed their willingness to set up industries and the Government has already given approval to four of them to set up industries. The other investors will also be given Cabinet approval shortly.

Peak Engineering (Pvt) Ltd, Singapore will invest US$ 434.5 million to set up a Petro chemical factory while Shree Renuka Sugar Comapany, India will invest US$ 220 million for a sugar refinery in the Hambantota Port.

Thatta Cement, Pakistan will set up a cement factory at a cost of US$ 15.16 million. Hayleys Advantis has signed an agreement with the SLPA to set up a fertiliser storage facility at a cost of US$ 7.2 million.

The four industries alone will generate 915 direct employment opportunities, he said. The Deputy Minister said that the Government has expended US$ 361 million so far on the first stage of the Hambantota Port. However, these four private sector investors would invest US$ 676.86 million on their industries. This has proved that private sector investors have utmost confidence in the Hambantota Port Development project.

The Hambantota Port has also earned Rs. 18.02 million from navigation dues, cargo handling, harbour tonnage and wharf charges.

The Deputy Minister said the Port project will be completed in three stages. At present 95 percent of stage I has been completed and the Government has expended US$ 361 million on it.

The construction of common amenities terminal, service terminal, new oil terminal, dolphin craft anchorage, breakwater and a water basin have already been completed.

The second stage of the project will begin soon.