Posted on September 14th, 2009

By Walter Jayawardhana

Sri Lankan Minister for Investment Promotion , Navin Dissanayaka will be meeting MumbaiƒÆ’‚¢ƒ¢-¡‚¬ƒ¢-¾‚¢s industrial giant Reliance Idustries for exploration of oil as the ƒÆ’-¡ƒ”š‚ oil exploration company has shown interest in prospecting for ƒÆ’-¡ƒ”š‚ oil in the island nationƒÆ’‚¢ƒ¢-¡‚¬ƒ¢-¾‚¢s possible oil fields in the North.

Mukesh Ambani led Reliance company is one of the most reputed oil exploration companies after its successes in the field.

Dissanayaka who is already in India has told reporters in New Delhi that Sri Lanka is offering Mannar and Southern Basin for exploration for the Reliance Company.

On the size of the oil fields offered to the Reliance Naveen DissanayakaƒÆ’-¡ƒ”š‚ estimating the deal has said , ƒÆ’‚¢ƒ¢-¡‚¬ƒ…-“For exploration Cairns India took one block that was of $400 million. So, if Reliance is coming it will be into that figure at least.ƒÆ’‚¢ƒ¢-¡‚¬ƒ”š‚

Naveen Dissanayaka has also announced that Sri Lanka is also discussing with Adithya Birla and Company for setting up of a Carbon Black plant in Sri Lanka. Carbon Black is used in the manufacturing of motor vehicle tyres. According to him the investment for the Carbon Black would be in the range of$40 to 50 million.

The visiting Minister also said that Sri Lanka is also interested in building an IT Park with about 10,000 seats in the outskirts of Colombo and discussing the investment for such a park with Mahindra Group . The investment would need about $ 70 to 100 million.

Other items under discussion are industrial parks or investment zones at Trincomalee, Kilinochchi and Anuradhapura, he said.

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