Chennai: The foundation stone for the $3.8 billion oil refinery which is jointly developed by an Omani oil company and a Singapore based investment firm held by the family members of DMK leader S Jagathrakshakan will be laid on Sunday, said highly placed government sources in Sri Lanka.
Sources privy to the developments of the refinery said that Prime Minister Ranil Wickremesinghe will preside over the event.
"The project will be undertaken over a period of 40 months. The capacity of the refinery will be 2 lakh barrels a day. The project is envisaged to be fully export-oriented. It is expected to generate employment of about 500 jobs,” the Lankan government told CNN-News18.
Dr Mohammed bin Hamad Al Rumhi, Minister of Oil and Gas in the Sultanate of Oman and the Chairman of the Board of Directors of Petroleum Development Oman will fly to Colombo on Saturday afternoon ahead of the event.
Accord Energy Corporation India private Limited will route the investment through Silver Park International PTE Ltd, Singapore Park International, sources added. The family of Jagathrakshakan — Anusuya Jagathrakshakan, Sandeep Anand Jagathrakshakan and Srinisha Jagathrakshagan — are the directors of the AECL, according to the Ministry of Corporate Affairs data.
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