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Sri Lanka to get $3.9B oil refinery next to Chinese-run port

March 19, 2019

COLOMBO, Sri Lanka (AP) — Officials in Sri Lanka say a Singapore-based company and the government of Oman have pledged to build a $3.9 billion oil refinery next to a Chinese-controlled port that will be the largest foreign investment ever for the Indian Ocean island nation.

Deputy minister of international trade Nalin Banadara said Tuesday that the refinery will be a joint venture for the Singapore-based Silver Park International Private Limited firm and the Sultanate of Oman’s Ministry of Oil and Gas.

He says construction will begin next week and that the refinery is expected to be up and running in 2023.

The investment comes as Sri Lanka struggles to repay $5.9 billion in foreign loans this year.