President Dissanayake Announces Official Visit to the Middle East
Speaking at a public meeting, the President outlined key discussions during his visit, which will center around enhancing Sri Lanka’s energy security and bolstering economic ties with regional partners.
One of the primary areas of focus will be the importation of petroleum, with President Dissanayake revealing ongoing negotiations for the establishment of an oil refinery in collaboration with India. The proposed refinery is expected to be a major step in meeting Sri Lanka’s growing energy demands while also positioning the country as a key player in the global petroleum export market.
In a recent briefing, Sri Lankan President outlined significant developments in the country’s energy sector, focusing on the Sampur power plant agreement with India and the status of the 99 oil tanks in Trincomalee.
The President revealed that Sri Lanka and India have reached an agreement to jointly construct the Sampur power plant, with equal ownership of 50% each. Originally, electricity from the plant was to be supplied at a rate of USD 0.07 per unit. However, after extensive negotiations, the cost has been reduced to USD 0.0597 per unit.
Turning to the strategic Trincomalee oil tanks, the President provided an update on the ongoing management of the facility. Of the 99 oil tanks in the region, Sri Lanka has taken control of 24 tanks, with 14 allocated to the Indian Oil Corporation (IOC).
The remaining 61 tanks, the President emphasized, are crucial for the country’s proposed oil refinery project, underscoring their strategic importance in boosting the nation's energy independence and infrastructure.
These projects reflect Sri Lanka's efforts to enhance its energy security and strengthen economic ties with India, marking a pivotal step in the country's energy and industrial development.
The official visit is expected to further strengthen Sri Lanka’s diplomatic and economic relationships in the Middle East, with a focus on sustainable energy solutions and trade partnerships.
