The Board of Investment of Sri Lanka (BOI) on Monday (24 August) signed an agreement with Pearl Energy (Pvt) Ltd to launch the ‘Hambantota LNG Hub’ – a floating storage LNG trading facility at the Port of Hambantota, which includes plans for developing LNG bunkering.
The total investment of the project is USD 97.2 Million and Pearl Energy will utilise a floating storage unit (FSU) with an initial capacity of 1 million tonnes per annum (MTPA) to commence commercial operations within 6 months, it said.
The company said it will first deploy small LNG Carriers to re-distribute LNG to South India & the Maldives providing LNG as a clean and affordable alternative to the industries in these locations.
“Taking the ‘early mover’ Advantage we will strive to place Sri Lanka as a future LNG Hub of the world,” said Tania Siegertsz, Director, Pearl Energy.
“Factors including the strategic location of Hambantota, Newly established stable government and its investor friendly policies along with the fast growing regional demand for LNG Encouraged our investors led by Omar Siraj of Saudi Arabia to place their confidence on this project despite the global economic downturn caused by the Covid-19 pandemic.
“The Port too could also commence using LNG for bunkering thereby making Hambantota Port and its industrial Zone as a ‘Clean Energy Zone’ of the future.”
Hambantota Port has the geographic advantage of being strategically located nearest to the world’s busiest shipping lane with the added benefit of a deep water coastline, noted the BOI.
This allows the port to be capable of handling the world’s largest container ships and supertankers making it an ideal location for the transshipment of goods and natural resources moving across the subcontinent.
Hambantota is also integrated into the global development strategy of the Chinese government, the Belt and road initiative (BRI), providing the opportunity for wider regional maritime connectivity, added the BOI.
Photo credit : Board of Investment of Sri Lanka
Published: 26 August, 2020
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