Chevron to invest $ 15 m to relocate in Sapugaskanda

Monday, 10 December 2012 00:00 - - {{hitsCtrl.values.hits}}

Chevron Lubricants Lanka Plc will be investing an estimated $ 15 million as capital expenditure to build a new plant at Sapugaskanda as part of relocation from its existing premises in Kolonnawa on lease.

The company last week entered into a lease agreement with Lanka Industries Estates Ltd. (LIEL) to lease 4.5 acres of land at LIEL industrial estate at Sapugaskanda. The lease period will be for a period of 30 years with the option of renewal.

“LLUB will relocate its existing plant to the new location by July 2014,” the company said, adding that capex would be funded by internally-generated funds.