Sri Lanka approves $500 million LNG plant near Chinese-controlled port
Posted on May 5th, 2018
COLOMBO (Reuters) – Sri Lanka’s state-run investment body has approved a $500 million liquefied natural gas plant by China Machinery Engineering Corp near a Chinese-controlled port and industrial zone, the development strategies minister said on Friday.
The state-run Board of Investment has approved investment projects worth $1 billion in the first quarter, Malik Samarawickrama said, the largest of which was the LNG project in Hambantota, where China Merchants Port Holdings controls a Chinese-built port on a 99-year lease.
The port, which is leased for $1.12 billion, is near the main shipping route from Asia to Europe and likely to play a major role in China’s belt and road” initiative