The Cabinet had approved the proposal presented by the former Petroleum Minister Chandima Weerakkody several months ago, for the establishment of an engine oil refinery in Sri Lanka by Malaysian Company Hirex in collaboration with the Petroleum Corporation of Sri Lanka at a cost of $ 10 million.
The Malaysian company had agreed to export the excess engine oil and after 10 years, transfer the said engine oil refinery to the Petroleum Corporation.
However, the Malaysian Prime Minister, during his visit to Sri Lanka had expressed disgruntlement over the constant delay in signing the agreement, while President Sirisena said at the Cabinet meeting that the Malaysian High Commissioner too had also made several inquiries regarding the progress of the agreement.
“I acknowledge that you are my friend, but I cannot allow you to disregard Cabinet decisions. ….Moreover, under such situations, how can we expect foreign investors to come and invest in our country?” the President had said, while Prime Minister Ranil Wickremesinghe too had agreed with the President, a senior minister told ‘Sri Lanka Mirror’.