Sri Lanka wins record foreign investment in oil project

COLOMBO (AFP) – Sri Lanka announced yesterday that an overseas joint venture had committed USD3.85 billion to a new oil refinery – the single largest foreign investment in the country’s history.

The Board of Investment of Sri Lanka said construction would begin this weekend on the refinery and storage facility jointly financed by Oman’s Ministry of Oil and Gas and a Singapore-registered company.

Deputy International Trade Minister Nalin Bandara said he expected the refinery, which will eventually produce 200,000 barrels a day, to be fully operational within four years.