‘Investment in Lankan oil plant is at a very preliminary stage’
CHENNAI: Jagathrakshakan S, the senior DMK leader whose family owns the company that recently agreed to build a $3.8-billion oil refinery in Sri Lanka, said the investment plan for the project was in a “very preliminary stage” and that it could see several more investors once the details were worked out.
The proposed refinery near the Hambantota port is the largest foreign direct investment project in Sri Lanka. That country’s Board of Investments announced on March 21 that Singaporean company Silver Park, held by the family of Jagathrakshakan, had committed to implementing the project. Oman Oil Company has proposed to take an up to 30% equity stake.
