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China’s Sinopec secures deal for oil refinery in H’tota

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Sri Lanka and China Petroleum & Chemical Corporation (Sinopec) have finalized an agreement for the establishment of a major oil refinery in Hambantota.

Under the deal, Sri Lanka secures the right to purchase 20% of the refinery’s production, paving the way for significant economic benefits.

The selection of Sinopec, following a rigorous bidding process, signals a strategic partnership aimed at bolstering Sri Lanka’s energy security and economic prospects.

A Treasury official highlighted the advantages, emphasizing the nation’s ability to acquire fuel at a concessionary price, along with reduced freight charges and insurance benefits.

The Hambantota refinery is expected to refine 100,000 barrels of crude oil daily in its initial phase, with plans for gradual capacity expansion.

Sinopec’s substantial investment of US$1.7 billion during the first stage, spanning four years, lays the foundation for anticipated overall investments exceeding US$4.5 billion in the long term.

In addition to fuel procurement, the agreement enables Sinopec to participate in Sri Lanka’s fuel supply tenders, leveraging its local refinery for potential bids.

The refinery is poised to play a pivotal role in the bunkering business, further solidifying the economic ties between China and Sri Lanka.

The collaboration is a significant milestone in fostering economic cooperation between the two nations, offering promising prospects for Sri Lanka’s energy sector and the broader economy.

Source – The Sunday Times

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Dr. Shelton Premarathne passes away

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Legendary Sri Lankan music composer Dr. Shelton Premarathne has passed away today (May 30) at the age of 94.

He had been living with his son in Sydney, Australia, at the time of his demise.

Dr Premaratne has contributed to Sinhala cinema, theatre and classical Sri Lankan music. 

He was the music composer and director in over 30 stage productions, including Henry Jayasena’s popular theatre production Hunuwataye Kathawa (The Caucasian Chalk Circle), and 21 Sinhala films including films such as Daskon, Romeo Juliet Kathawak and Hithaka Pipunu Mal.

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Indian-owned ship held in Colombo after oil spill; travel ban imposed on captain

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The Marine Environment Protection Authority (MEPA) has taken custody of a ship which had caused an oil spill while anchored at the Colombo Port.

A spokesperson of the MEPA stated that legal action has been initiated against the company that owns the ship and the relevant insurance company regarding the oil spill. Under the Marine Environment Protection Authority Act, the MEPA is seeking compensation for the incident, the authority revealed.

The ship, owned by an Indian company, had recently arrived at the Port of Colombo for maintenance activities. A special investigation conducted by MEPA had revealed a leak of hydraulic oil from the ship. The company’s owner has admitted to the incident and agreed to provide compensation, according to the MEPA.

Furthermore, the Colombo Magistrate Court has imposed a travel ban on the captain of the ship preventing him from leaving the country, as per a request made by the Colombo Port Police.

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

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5 companies fined Rs. 1,243 Mn. for illegal gold imports

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State Finance Minister Dr. Ranjith Siyambalapitiya said that five companies have been identified for illegally importing gold into Sri Lanka during the past few years, and fines of Rs.1,243 million have been imposed on those companies.

The Minister said that one of the related companies was ordered to pay Rs.179 million as fines.

Emphasising that from now on, all licensed institutions carrying out import of gold goods should avoid these illegal acts, the Minister said that the relevant institutions will also be charged fines for the gold purchased by even third parties considering the production reports.

He said the efforts to stabilise the state revenue of the country are currently being carried out by closing all the loopholes related to the loss of state revenue gradually.

Certain parties who import gold goods have turned this into a big racket and therefore there is a mafia around it.There were various challenges and threats when the government tried to curb this mafia initially.

The Minister further said that there were various levels of threats, pressure and intimidation, and the government did not waver in the face of all these challenges and moved to the second step.

(dailynews.lk)

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

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