Connect with us

BIZ

Sinopec to build 2nd oil refinery in SL

Published

on

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

Indigo launches Mumbai-Colombo direct flights

Published

on

By

Indigo has expanded its connectivity to Sri Lanka adding Mumbai-Colombo direct flights from today (12), Airport and Aviation Services (Sri Lanka) (Pvt) Limited said.

Accordingly, Indigo will operate flights three times a week on Tuesdays, Thursdays and Fridays.

At present, Indigo operates to three destinations in India from Colombo (Chennai twice daily, Bengaluru once daily and Hyderabad six days per week). With this new route expansion, this will increase to four destinations, and it will contribute immensely to the development of travel, trade and tourism between Sri Lanka and India. 

With the new addition, Indigo will operate 30 weekly flights to Colombo from four main cities in India.

“AASL recently had successful negotiations with Indigo to commence flight operations between Jaffna and Chennai, India. Accordingly, Indigo will commence direct flight operations between Jaffna and Chennai from June 1, 2024 onwards with daily flight operations. This connectivity will boost travel and trade in the Northern Province, strengthening the cultural and religious bonds between the two nations”, Eng. Athula Galketiya, Chairman of Airport and Aviation Services (Sri Lanka) (Pvt) Limited (AASL) said.

Continue Reading

BIZ

Questions raised on investing in the Ceylon Dollar Bond

Published

on

By

Personal Foreign Currency Accounts (PFCs) and Business Foreign Currency Accounts  (BFCAs) cannot be invested in the Ceylon Dollar Bond Fund, says a spokesman of the Foreign Exchange Department at the Central Bank of Sri Lanka.

He said that banks are well aware of this.

The spokesman was responding to ‘Sri Lanka Mirror’ on queries raised on social media promotions being done by Ceylon Asset Management Co. Ltd, with regard to such investments.

Ceylon Asset Management Co. Ltd. is also a company that is registered with the CSE.

The spokesman further notes that the CBSL has only permitted them to invest in ISBs.

However, promotions done by the company have indicated that dollar investments can also be done through PFCs, and that the investors can expect around a 24% dollar returns.

xr:d:DAGB-BkSSXo:7,j:368593653725518976,t:24041001

Experts state that expecting such high profits in ISB investments, is questionable.

Upon contacting the DG of Ceylon Asset Management Co. Ltd, – Dulindra Fernando, he briefly stated that the CBSL has permitted their company to do such foreign fund transfers while some banks have refused to do so.

However, he urged to submit a formal request via email for further details.

Continue Reading

BIZ

SLT divestiture allowed

Published

on

By

The Court of Appeal yesterday vacated the Interim Order issued on the divestiture of the Sri Lankan Government-owned shares in Sri Lanka Telecom PLC.

The Interim Order was earlier issued by Court on April 4 when two Writ applications challenged the proposed divestiture of the Sri Lankan Government-owned 50.23 percent shares in Sri Lanka Telecom PLC and 51.34 percent shares in Lanka Hospitals Corporation PLC.

The petitions were filed by Lyca Mobile SARL, Lyca Leasing Holding Ltd, Pettigo Comercio International LDA and HAIMS International Ltd.

When the petitions were considered before Court of Appeal Judge Mohammed Laffar, Additional Solicitor General Sumathi Dharmawardena appearing for the Deputy Director General and the members of the State Owned Enterprise Restructuring Unit Established under the Finance Ministry, Secretary to the Treasury and the Attorney General raised preliminary objections highlighting several technical errors in the power of attorney and the affidavit submitted is not valid.

Accordingly, the court vacated the said Interim Order on the divestiture of Sri Lanka Telecom PLC and informed the petitioner of this particular petition to submit fresh power of attorney by April 29 and request for an interim order if necessary. However, the Interim Order issued on the divestiture of the shares of Lanka Hospitals Corporation PLC was extended by the court until April 29.

(dailynews.lk)

(This story, originally published by dailynews.lk has not been edited by SLM staff)

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved