Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post
Market Place

Add an ad

View all ads

Latest topics

» Will ACME touch the peak in this week.?
by sanjulanka Today at 1:07 pm

» Look PAP Amazing company
by Nuwan Samarawickrama Today at 12:29 pm

» RENUKA CAPITAL PLC KZOO.N0000@2.80
by EquityChamp Today at 9:36 am

» Plantation sector
by EquityChamp Today at 9:31 am

» CBSL to reduce lending rates further to help SMEs
by EquityChamp Today at 6:54 am

» ACME AND LDEV
by EquityChamp Today at 6:49 am

» Time for BFN -ACME - LDEV -BALA
by EquityChamp Today at 6:47 am

» Guys Look for DPL@5.20
by fireshelter Yesterday at 10:53 pm

» LLUB Pattern reversed. Good buy @60, target +20%
by EquityChamp Yesterday at 8:37 pm

» Why AAIC Should trade above RS.50/-
by wisdom79 Yesterday at 8:33 pm

» Look APLA its trending to 98LKR
by EquityChamp Yesterday at 11:56 am

» SLTL should touch 30/-
by Teller Sat Jul 20, 2019 9:29 pm

» Sri Lanka Dialog Axiata net profits up 21-pct in June quarter
by EquityChamp Sat Jul 20, 2019 9:14 pm

» RCL.N0000 - Trading at a discounted prcice.
by EquityChamp Sat Jul 20, 2019 9:07 pm

» SFIN.N will hit Rs 15.50 today
by Teller Sat Jul 20, 2019 5:15 am

» CSE BULLISH MODE TO CONTINUE
by Yahapalanaya Fri Jul 19, 2019 9:34 pm

» AEL lovers good news..Rusi again back on the track to AEL....
by samansilva Fri Jul 19, 2019 12:25 pm

» TKYO.X0000 will it move furthur?
by MarketRambo Fri Jul 19, 2019 10:24 am

» Softlogic Eyes Asia, Africa For Expansion
by Capton KIng Cool Fri Jul 19, 2019 9:02 am

» Tommorow's winning encounters
by Winner123 Thu Jul 18, 2019 9:19 pm

» lOFC definitely will hit 6/-
by fireshelter Thu Jul 18, 2019 5:29 pm

» BFN BFN BFN ගොන් කම අත ඇරල ටික කාලයක් අල්ලන් හිටියනම් ඔක්කොමලා ගොඩ BFN BFN BUY AND HOLD -
by sanjulanka Thu Jul 18, 2019 3:38 pm

» Market will test 4700
by Promoney Thu Jul 18, 2019 10:38 am

» NEXT RUN People's leasing and Finance WAIT AND WATCH ENJOY RIDE..
by karuna2 Thu Jul 18, 2019 1:07 am

» SFIN.N will be the next bull run
by Bakka1988 Wed Jul 17, 2019 4:33 pm

» Next super star SINGER FINANCE..
by samansilva Wed Jul 17, 2019 9:49 am

» LOFC -XR big transaction
by Promoney Tue Jul 16, 2019 10:03 am

» Momentum will begin after 5400
by prabath Tue Jul 16, 2019 8:12 am

» WATA future looks good
by Teller Tue Jul 16, 2019 3:36 am

» RICH is not bad @ 9/-
by Teller Tue Jul 16, 2019 3:33 am

» NEXT GEM.. HNB Non voting (HNB X)..
by samansilva Sat Jul 13, 2019 11:20 pm

» LIOC upward curve
by samansilva Sat Jul 13, 2019 11:17 pm

» IDL IDL IDL
by samansilva Sat Jul 13, 2019 10:15 am

» No Confidance motion against the Government was defeted by 119 and 92 against. 13 Absent
by Capton KIng Cool Fri Jul 12, 2019 9:28 am

» Contact us for your bank instruments such as SBLC/BG/LC/MTN 100% Protected
by summitplc Thu Jul 11, 2019 10:04 pm

» Contact us for your bank instruments such as SBLC/BG/LC/MTN 100% Protected
by summitplc Thu Jul 11, 2019 10:00 pm

» PAN ASIA POWER
by Nuwan Samarawickrama Thu Jul 11, 2019 9:58 pm

» Today JVP's No confidance motation in the Parliment is Very cruicial .WHY?
by Yahapalanaya Thu Jul 11, 2019 9:33 pm

» Sri Lanka’s Royal Ceramics group expands contract manufacture in India
by shameen Thu Jul 11, 2019 11:53 am

» CIND , 10% guaranteed return
by Teller Thu Jul 11, 2019 2:45 am

» BUY AEL Few crossings on the way..
by rukshan1234 Wed Jul 10, 2019 11:51 pm

» Unisyst Engineering Known as(Alufab) have annouced a right issue
by Capton KIng Cool Tue Jul 09, 2019 3:43 pm

» what is the future of KHL (JOHN KEELES HOTELS)
by shameen Tue Jul 09, 2019 1:48 pm


You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Export Processing Zone -cost of USD 3.95 billion, : Hambantota oil refinery project runs into initial headwinds

Export Processing Zone -cost of USD 3.95 billion, : Hambantota oil refinery project runs into initial headwinds

Go down  Message [Page 1 of 1]

Trader321


Equity Analytic
Equity Analytic
The Government last week announced Sri Lanka’s single largest Foreign Direct Investment pledge to build an oil refinery in the Mirijjawila Export Processing Zone in Hambantota at a cost of USD 3.95 billion, but within hours of the announcement, questions cropped up about how the project would be funded, and expertise of the company approved to run the project by the Board of Investment of Sri Lanka.
The FDI value for the Hambantota oil refinery is nearly double the investment for the Colombo Port City. The refinery, which is to be built near the Hambantota International Port and an industrial zone in the Southern coast, will produce 200,000 barrels per day. The refinery will also reportedly produce nine million tonnes of refined petroleum products annually.
The BOI announced on Wednesday at a press briefing that Oman’s Oil Ministry would take a 30 percent stake in the oil refinery project.
The project ran into almost immediate headwinds, when an official of the Ministry of Oil and Gas of the Sultnate of Oman told the Reuters news agency the Ministry had no intention of investing in the facility causing ripples in Colombo.
However, three days later, Dr. Mohammed Hamad Al Rumhy, Minister of Oil and Gas of the Sultanate of Oman arrived in Colombo, yesterday to take part in the ground breaking ceremony of the Green Field Oil Refinery as the Guest of Honour. Dr. Rumhy was accompanied by Musab bin Abdullah Al-Muhrooqi CEO of Oman Oil Refineries and Petroleum Industries Co (ORPIC). According to the BOI, and documents seen by Sunday Observer, the Oman Oil Ministry has expressed a firm interest in partnering with the Green-field Oil Refinery to be constructed by Silver Park International.
Officials said it was unclear why the Omani Ministry official had responded to questions about the project on Thursday, but owned that discussions might have still been at a ministerial level.
While the Omani tangle may have been ironed out for the moment, questions have also surfaced about India’s Accord Group that owns Silver Park International – a company registered in Singapore.
Stakes in the Singapore based company are held by family members of former Union Minister of State of India, S. Jagathrakshkan of the Tamil Nadu political party DMK, The Hindu newspaper reported yesterday. Silverpark’s portfolio of projects listed on its official website includes sand mining, cement manufacture and oil refinery, although there is no evidence that the company has ever undertaken a refinery venture of this magnitude before. Directors of the Singaporean company are immediate family members of the DMK politico, including his wife.
According to the terms of the agreement, Silverpark International will invest 70 percent of the share capital for the Hambantota refinery project, with part of it to be raised as loan capital.
The Omani Oil Ministry is expected to chip in 30 percent of the project’s capital if the deal is finalised.
However, clarifying matters after the Omani ministry official denied involvement in the Sri Lankan refinery the BOI said that equity shares among the involved parties had not been discussed.
In a statement the BOI said, “We are aware that there is no agreement that has been signed between Oman’s Ministry of Oil and Gas and Silver Park International PTE Ltd with regard to equity arrangements of the project.”
It added that the BOI is aware the Oman Oil Company has registered their firm intention to participate in equity up to 30 percent, subject to reaching agreement between the parties, and also, that Oman Trading International is willing to supply the entire feedstock requirement of the project as well as do the marketing for the products, upon reaching mutually agreed terms.
“The investor - Silver Park International PTE Ltd - has conveyed to the Board of Investment their full confidence in implementing the project.” 

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum