US$ 520 million technical services from Iran

Tehran Times cited Mehdi Ghazanfari, Commerce Minister of Iran, as saying that Iran carried out US$ 520 million of technical and engineering services in Sri Lanka.

During his meeting with Foreign Affairs Minister of Sri Lanka Gamini Lakshman Peiris, Ghazanfari declared Tehran’s readiness to boost economic cooperation with Colombo.

The two sides discussed construction of a new oil refinery in Sri Lanka by Iranian experts exporting Iranian LNG to Colombo and boosting tourism.

Peiris thanked Iranian experts for carrying out projects in Sri Lanka and called for expansion of economic ties between Tehran and Colombo. The 9th Joint Economy and Trade Cooperation Committee meeting between Iran and Sri Lanka were held on September 13 to 15 2010.

In the meeting the two countries’ Commerce Ministers signed six MOUs and cooperation agreements in the fields of customs, sisterhood between Shahid Rajaei and Colombo ports and acceptance of each other’s maritime certificates. Also in this meeting agreements were made between the two countries in the fields of science, culture, art and standardisation.

An increase in trade, holding international exhibitions, enhancing maritime relations and implementing engineering and technical projects were among other agendas during the meeting.

In April 2008, Iran began work in several infrastructure development projects in Sri Lanka all part of USD 1.5 billion loan to the South Asian Island. These projects included doubling the oil refinery capacity of Sri Lanka’s Sapugaskanda refinery as well as building 100 MW hydropower project and irrigation plan in Uma Oya.

In June 2009, the country signed a USD 106 million agreement with an Iranian firm to provide electricity to roughly 1,000 villages in Sri Lanka. (www.teherantimes.com)