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| Sunday, 1 December 2002 |
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Black Gold in Sri Lanka? by Elmo Leonard Sri Lanka is likely to strike oil soon, the results of which would be known next year, Minister of Power and Energy Karu Jayasuriya said recently. Natural gas which could be obtained in the process would also contribute to bring down Sri Lanka's fuel costs, Minister Jayasuriya said at the 41st Annual General Meeting of the Ceylon National Chamber of Industries. A new development bank will soon come into operation, the Energy Minister promised in response to requests made for easier finance by the trade chamber. Prime Minister Ranil Wickremesinghe, on his visits to USA and the European Union, would request trade concessions for Sri Lankan products entering those nations. These trade concessions are intended to beat the negative effects on Sri Lanka's economy consequent to the 2005 ITC withdrawal of the MFA and trade tariffs, Minister Jayasuriya said. When permanent peace is established in Sri Lanka, the nation would experience unprecedented growth, he added. New highways would be built, tourism would reach new heights, agricultural self-sufficiency would result, and in Jaffna, 100,000 hectares of paddy land will come under the plough again. Sri Lanka could now expect a maximum power demand of 1350 megawatts, while the capacity is 1500 megawatts. The annual increase in demand for electricity is 10 to 12 per cent. The cost of electricity is the highest in South Asia and the region. Minister Jayasuriya said the Government would bring down the price of electricity with the Upper Kotmale project. The Kotmale project, slated for completion in five years, would generate 300 megawatts. The Kukule Ganga hydro-power project would also be completed ahead of schedule. When these schemes are commissioned, fuel will not be consumed to provide electricity, lowering the cost of power. The Energy Minister said that wind and solar power projects were also being developed. Fuel wood will also be used. The Ceylon Electricity Board was a sleeping giant, running at a loss, as well as the Ceylon Petroleum Corporation. Today, with a new government in office, these losses are being wiped out, Minister Jayasuriya said. The Government had the responsibility of showing transparency and accountability, the Minister said. The Government had given a directive to corporations and departments under it, to present their accounts to Parliament within 150 days. Earlier some government corporations had taken as long as 12 years to present their accounts, Minister Jayasuriya said. Minister of Industries Rohitha Bogallagama said he wanted to take industries to the North and South without discrimination. The Indian line of credit would be made available to industry. The rate of lending would come down. Banks would soon reduce their lending rates to a single digit. The free trade agrement with Pakistan, which would soon come into force, would permit Lankan industrial products to reach Pakistan, the Industries Minister said. Minister of Employment and Labour Mahinda Samarasinghe promised that the new labour laws would achieve industrial peace. |
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