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H'tota Port Project to be re-negotiated: Minister

30 May 2017 08:01 pm - 4     - {{hitsCtrl.values.hits}}

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The Hambantota Port Development Project (HPDP) agreement with China Merchants Port Holdings Co. Ltd (CM Port) will be renegotiated to achieve a win-win situation with crucial discussions to be held on Friday, Ports and Shipping Minister Mahinda Smarasinghe said.

He told the weekly SLFP news briefing today that national interests would under any circumstances be compromised but the US$1.4 billion equity swap with the Chinese Company extremely necessary to ease Sri Lanka’s debt servicing and strengthen foreign reserves.

The minsiter said he would try his best to make the US$1.4 billion joint venture to be based on a 60 - 40, 70 - 30 or even a 51 - 49 percent equity equity swap.

He said there would be no selling or leasing of 15,000 acres of land to China for 90 years in the Hambantota district to set up an exclusive economic zone. The lease period will definitely be less than 90 years.There will be no selling of lands or properties to the Chinese. There will be no violation of the laws of the land. There will be new clauses and a new agreement.

“Since I assumed duties as the Minister of Ports and Shipping I did a thorough study on the all aspects of the HPDP and I have decided as the minister in charge to renegotiate the framework agreement signed by the Sri Lanka Ports Authority (SLPA) and the CM Port," the minister said. (Sandun A Jayasekera)


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  • seqi Wednesday, 31 May 2017 05:27 AM

    talking turkey via DM Android App

    PortRetiree Wednesday, 31 May 2017 07:01 AM

    PPP is an essential methodology as profitable operation has failed since port opening up to now. Minister should ensure; 1. the lease period to be less than 50 years (started 99 yrs extendable by another 99yrs, then down to 99 yrs but its too long), study their proper Business Plan.2. SLPA to have authority over port as per SLPA Act. So navigation control and nav revenue to SLPA,3. All revenue streams like in other PPP in Colombo must be maintained for SLPA, Note that 15000 acre land issue is not part of port lease but it is a separate matter to negotiate,Listen to SLPA management and Unions view point.

    Sri Lankan Wednesday, 31 May 2017 07:43 AM

    How many more times will it be re-negotiated? Win-win solution for whom!!!?

    BuffaloaCitizen Wednesday, 31 May 2017 08:59 AM

    You fight a war with your own citizens over genuine autonomy within a united SL and now are caught in a debt trap thus awarding a whole tract of Hambantota on full equity to a nation thousands of miles away.


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