BIZ

Sinopec to build 2nd oil refinery in SL

Published

2 years ago

November 1, 2023

editor

Sri Lanka is reportedly set to award a multi-billion dollar oil refinery project to the Chinese state-owned company Sinopec after a rival bidder withdrew.

According to Minister of Power and Energy Kanchana Wijesekera, the government is expected to soon conclude an investment agreement with Sinopec to build the country’s second refinery, next to the Hambantota Port.

Speaking to reporters, Minister Wijesekera said, “There were only two shortlisted bidders and Vitol withdrew. Now only Sinopec is left and we will finalize a deal with them in a few weeks.”

Sri Lanka had awarded the project, estimated to cost $3.85 billion, to Silver Park, an Indian family company based in Singapore.

The project was initially planned to be jointly funded by Oman and Silver Park for completion this year.

Despite a groundbreaking ceremony in 2019, with Silver Park failing to start construction, the government terminated the agreement in August and repossessed the 485 hectares of land allocated for the refinery project.

(newsradio.lk)

(Except for the headline, this story, originally published by newsradio.lk has not been edited by SLM staff)

BIZ

1st stock of imported coconut milk to undergo clearance, lab testing today

Published

21 hours ago

May 31, 2025

editor

The first consignment of imported coconut milk under the Government’s raw material importation programme is scheduled to undergo clearance and laboratory testing today (31), as part of a coordinated initiative by the Plantation Industries Ministry.

This initiative, approved by the Cabinet, aims to supply essential raw materials to industries linked to the coconut sector, aiming to reduce domestic coconut prices and support local manufacturers. The consignment currently under clearance includes products equivalent to 200 million coconuts. They are in the forms of frozen coconut milk, coconut milk powder and chunked coconut with testa (non-copra), imported as part of the programme initiated in March 2025. The stock will be used primarily in the coconut milk powder industry, which has been facing raw material shortages. The Plantation Industries Ministry expects this move to reduce the pressure on local coconut supplies and contribute to a drop in retail coconut prices.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

BIZ

BoC employees to strike over unpaid incentives

Published

3 days ago

May 29, 2025

editor

Employees of all Bank of Ceylon (BoC) branches have decided to walk out of service at 12.30 pm today (May 29).

The decision has been taken over the current management not taking the initiative to provide them with the 06-month incentive package approved by the Board of Directors, according to the Bank Employees’ Union.

Central Committee member of the Bank Employees’ Union – Najith Wijeratne, stated that they will initiate a token strike if this issue is not resolved by June 06.

BoC employees have also held lunchtime protests yesterday (May 28) in front of 22 branches in major cities islandwide.

BIZ

Imported salt released to market

Published

3 days ago

May 29, 2025

editor

The National Salt Ltd. says that 2,800 MT of salt imported from India have been released to the market.

It says the food-grade salt stock, which arrived on May 23, is being distributed to the market through local salt sales agents for consumer sale.

The Ministry of Industry and Entrepreneurship Development states that Lanka Salt Ltd. is importing 10,000 MT of salt, while over 100 importers, including those from Pettah, are bringing in an additional 100,000 MT.