HAMBANTOTA, Sri Lanka: Sri Lanka began construction Sunday of a nearly US$4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing's takeover of a nearby port spooked international investors.
The circumstances surrounding China's acquisition of the port generated concern in neighbouring India and beyond over Beijing's expanding presence in the Indian Ocean. The oil storage tanks are expected to be completed within two years while the refinery is due to be up and running by 2023. The Hambantota port was built by former president Mahinda Rajapakse, but like many of his ambitious infrastructure projects it ended up a white elephant.
Source: Loan Digest (loandigest.net)
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