Laugfs, Rank among new mega projects approved in Hambantota free port zone

Friday, 16 August 2013 03:40 -     - {{hitsCtrl.values.hits}}

Hambantota Port is preparing to receive investments exceeding US$ 1.6 billion from local and foreign companies as the Government gears up to promote its development. Under the business plan launched by the Sri Lanka Ports Authority (SLPA), the Hambantota Port Development Project will consider prospective investment ventures. A proposal made by President Mahinda Rajapaksa as the Minister of Ports and Highways to award land to five companies was approved by the Cabinet on Thursday. Accordingly, Advance Surfactants India will lease land to establish a plant for the manufacture of petroleum, petrochemicals and chemicals. This project is worth US$ 261 million. Laugfs will lease land for two projects, one of which will be to establish an LPG storage and distribution plant at a cost of US$ 20 million while a less expensive effort will be made to build a lubricants blending plant with a capacity of 50 000 metric tons per annum at a cost of US$ 1.14 million. Another local project will be Rank Container Terminal which will construct a petro-chemical storage and transhipment facility at a cost of US$ 26 million. The largest investment of the pile comes from Energy World International that will establish an LNG hub terminal at a cost of US$ 1.35 billion. However, the cost of the leases or the period of time the land is being handed over for were not disclosed by Cabinet spokesman Minister Keheliya Rambukwella at the Cabinet media briefing.