Connect with us

Featured

India Outwits China Again in Sri-Lanka With Help of Oman

Published

on

India has been concerned about the growing presence of China in Sri Lanka. India’s Accord Group and Oman’s Ministry of Oil and Gas have signed a $3.85 billion deal to construct an oil refinery in Sri Lanka, the biggest foreign direct investment in the country.

India To Assist Sri Lanka In Developing Kankesanthurai Harbour Into Commercial Port

The deal symbolises a challenge to China, which had been the biggest foreign investor on the island. Many critics have seen this development as a massive victory for India. India has been concerned in the past few years about China transgressing into Sri Lanka and other countries in the region where India is the traditional power.

Sri Lankan officials said the 200,000 barrel-per-day refinery will be built on 585 acres near the site of the new Hambantota international port and a related industrial zone on the nation’s southern coast.

The refinery, construction of which is expected to begin on March 24 and be completed in 44 months, is set to produce 9 million metric tonnes of refined products a year for export from the Hambantota port, which serves the busiest East-West shipping route.

Privately owned Accord Group will control 70 per cent of the joint venture and the Sultanate of Oman’s Ministry of Oil and Gas the rest. Accord’s ownership comes through a Singapore investment vehicle which is 90-percent owned by its Silver Park International Pvt Ltd operation.

China Merchants Port Holdings, China Harbour Engineering Corp and other Chinese companies are investors in the port and industrial zone. China’s separate $1.4 billion financing of facilities on reclaimed land near the nation’s main Colombo port is currently the island’s biggest single foreign direct investment.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

rafale-jets rafale-jets
Featured21 mins ago

Indian Rafale Jets, For The 1st Time, Conduct Sorties Over Ladakh

French-origin Dassault Rafale jets, for the first time known, have commenced conducting ‘familiarization’ sorties over Ladakh as tensions between two...

qatar-saudi qatar-saudi
Featured9 hours ago

Qatar Affirms Its Position On Israel-Palestine Issue; Says Ending Israeli Occupation A Must

Qatar on Sunday said it stands by Palestinians and that the long-standing conflict with Israel should be resolved by addressing...

F-15EX-india F-15EX-india
Featured17 hours ago

No More Rafales! Why Indian Air Force Could Reject Second Batch Of Dassault Rafale Jets?

As the Indian Air Force (IAF) looks to further bolster its aerial fleet after the successful acquisition of French Dassault...

US-CHINA-INDIA-JAPAN US-CHINA-INDIA-JAPAN
Americas22 hours ago

US To Re-Impose Biting UN Sanctions On Iran Despite Global Objections

The US will reimpose biting UN sanctions on Iran that were removed as part of a 2015 nuclear pact struck...

F-35-INDIA F-35-INDIA
Featured23 hours ago

Not J-20s, China Could Field Another ‘Stealth Jet’ To Counter US’ F-35s, Indian Rafales

As tensions boil over Taiwan, the US and China have ramped up efforts in the field of defense innovation as...

army-soldiers army-soldiers
Featured24 hours ago

Amid Afghan Peace Talks, Two Pakistan Army Soldiers Ambushed Near Afghanistan Border

 Two Pakistan Army soldiers were killed on Saturday in a clash with suspected militants near the country’s northwestern border with...

Chinese-Military-Base Chinese-Military-Base
Asia Pacific1 day ago

Is China Threatening To Shoot-Down ‘Civilian Airlines’ Operating Over The South China Sea?

China has warned the US after it flew its ‘spy planes’ over the South China Sea several times electronically disguising...

Demonetization-Narendra-Modi Demonetization-Narendra-Modi
Featured1 day ago

Narendra Modi Second Indian Prime Minister To Win Ig Nobel Prize 2020

Indian Prime Minister Narendra Modi has been awarded the Ig Nobel Prize for 2020 for ‘Medical Education’. The award is...

CPEC-Project CPEC-Project
Featured2 days ago

India vs Pakistan: Why Are India’s COVID-19 Cases Inflating While Pakistan Has Almost Overcome The Pandemic?

While India has literally been brought to its knees by the COVID-19 pandemic with almost 100,000 cases reported daily, the...

Sheikh-Mujibur-Rahman-Movie Sheikh-Mujibur-Rahman-Movie
Featured2 days ago

India, Bangladesh, Agree To Enhance Border Patrol, Curb Border Killings

India and Bangladesh on Saturday agreed to launch joint border patrols to curb killings and crimes. in the border region....

Advertisement