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Last Updated : 2024-05-10 01:01:00
4 November 2022 06:45 am - 5 - {{hitsCtrl.values.hits}}
The government has put on hold the proposed investment with the United States’ New Fortress Energy for LNG (Liquefied Natural Gas) supply, Daily Mirror learns .
The investment project ran into controversy after a section of the Cabinet of the previous Gotabaya Rajapaksa government challenged the constitutionality of the Cabinet decision secured by then Finance Minister Basil Rajapaksa to strike the deal. However, the Supreme Court dismissed the petitions.
New Fortress Energy Inc. (NASDAQ: NFE), a company of the United States involved in LNG power generation, announced last year that it executed a definitive agreement for New Fortress’ investment in West Coast Power Limited (“WCP”), the owner of the 310 MW Yugadanavi Power Plant based in Colombo, along with the rights to develop a new LNG Terminal off the coast of Colombo.
As part of the transaction, New Fortress will have gas supply rights to the Kerawalapitya Power Complex, where 310 MW of power is operational today and an additional 700 MW scheduled to be built, of which 350 MW is scheduled to be operational by 2023,” the company said in a statement posted on its website.
However, the new government had decided to review the investment proposal with the company.
Asked for a comment on the matter, State Minister of Finance Shehan Semasinghe said he could only say the project is reviewed in conformity with the policy of the government led by President Ranil Wickremesinghe.
“The new government has not proceeded with discussions on the project,” he said.(Kelum Bandara)
Parliamentarians in business Friday, 04 November 2022 07:23 AM
Govt. Servants in Sri Lanka are not allowed to have business deals with Government Depts. This is to ensure transparency. But the Politicians in power are thriving in this type of business all the time. This was going on under every ruling party. In addition to their income, perks, fringe benefits and other free services, they keep amassing wealth, for the only qualification, that they are in power. This should be stopped immediately, if the country is to recover.
K.L Pathirana Friday, 04 November 2022 07:41 AM
Of course whenever there is a change in government the signed or valid MoU's will be obsolete. New government needs more of the same commission high % to execute the same damn contract. This is the beauty of doing business with crooks !!
Dhusana Friday, 04 November 2022 09:20 AM
Entering into an Agreement and cancelling the Agreement may all be related to issues of COMMISSIONS !
Man Friday, 04 November 2022 09:34 AM
Why not competitive tendering? Why not seek the advice of the energy experts in Sri Lanka who did not migrate? Is it allergic?
Buddhist Friday, 04 November 2022 11:54 AM
So now SL Ranil- Rajapaksa Govt will pay penalty? Which politician getting part of it as bribe?
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