OTHER NEWS
|
|
|
|
Advertisement
|
Print Version | Email to friend
Iran to expand Sri Lanka refinery 29-04-2008
Iran is to modernize Sri Lanka's Sapugaskanda oil refinery in a bid to double the capacity of the island nation's sole refining complex.
Iran would help expand the capacity of the south Asian nation's oil refinery to 100,000 barrels per day (bpd) from the current 50,000 bpd within the next four or five years.
According to an agreement signed between Iran and Sri Lanka Monday during the visit of the Iranian President Mahmoud Ahmadinejad, Tehran will take 12 percent of the refinery's profit once it has been modernized.
The project, once completed, will reportedly make Sri Lanka self-sufficient in aviation fuel and bitumen (tar).
Tehran and Colombo signed four economic cooperation agreements to improve the south Asian nation's infrastructure Monday.
Iran has promised to provide $1.9 billion in loans and grants to Sri Lanka to help the country expand its only oil refinery, develop Uma Oya hydroelectricity and irrigation project and buy Iranian oil, the Sri Lankan government said.
"Especially the signing of the MoU for the Uma Oya project would be immensely beneficial for the rural poor of the Hambantota and Moneragala Districts," Sri Lankan President Mahinda Rajapaksa said Monday.
Print Version | Email to friend
|