SL seeks Indian partner for completing Colombo port

26 August 2016 08:31 am - 11     - {{hitsCtrl.values.hits}}

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Sri Lanka is seeking a partner from the Indian subcontinent to develop a port designed to be its deepest and accommodate the world’s largest container vessels, Shipping Minister Arjuna Ranatunga said on Thursday.

The Sri Lanka Port Authority (SLPA) is looking for a foreign investor with about USD 400 million to complete the half-built East Container Terminal at the Colombo port, Ranatunga said.

“We are looking for an investor who should come in with a shipping operator from India, Pakistan or Bangladesh,” the minister told reporters in Colombo. He said the investor should partner a shipping line that could guarantee additional traffic of one million containers through the port of Colombo, which currently handles over five million containers a year.

The Sri Lankan government is keen to involve a company from the Indian subcontinent because about 75 percent of container traffic through Colombo is trans-shipment cargo from the region, the minister said.

He said the SLPA had spent USD 80 million to build 430 metres of a 1,200 metre-terminal which he hopes to complete with foreign capital. “We have no money to invest, but we want a 15 percent stake in a joint venture to develop this mega container terminal,” he added.

The project comes three years after the opening of the USD 500 million Chinese-built Colombo International Container Terminal (CICT), which made Colombo the only mega port between Dubai and Singapore. Ranatunga said the East Container Terminal will be about two metres (yards) deeper, when completed, than the CICT. (Reuters)

  Comments - 11

  • mottayoo Friday, 26 August 2016 12:51 PM

    complete or destroy?

    Shelly. Friday, 26 August 2016 01:15 PM

    Dear Minister go ahead if you have got Cabinet approval and its blessings for entire concept. Dont have to listen destructve comments made with personal animosity. via DM Android App

    dham Friday, 26 August 2016 01:17 PM

    Keep out close neighbors try to get genuine interest parties for the project not investing for any other reason. via DM Android App

    Nihal Amarasekera Friday, 26 August 2016 03:32 PM

    How is you brother chairman doing?

    Carl Friday, 26 August 2016 06:06 PM

    Very good prospects, go ahead but get cabinet approval otherwise JO will make false stories

    donsheng Friday, 26 August 2016 07:40 PM

    this guy is one of the most incompetent people for this job.

    Lori Friday, 26 August 2016 09:57 AM

    OMG. Does he have the foresight to know he is not fishing in muddy waters

    Cranky Friday, 26 August 2016 10:01 AM

    Oh, now he wants to pit the Chinese against the Indians?

    Pl43 Friday, 26 August 2016 10:07 AM

    Minister: seek the opinion of the Opposition also on this vital matter.

    Aruna Friday, 26 August 2016 11:18 AM

    Now everything is a big mess! Nothing seems moves in the country now than paying salaries for MP and ministers.

    Lakshman De Silva Saturday, 27 August 2016 08:29 AM

    Too many cooks spoil the soup..Also Chinese government does not pay kickbacks. In Sri Lanka kickbacks are priority in dicisons to award projrcts


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