Sri Lanka on Sunday began construction of a USD 3.85 billion oil refinery next to a Chinese-run port as part of a joint venture between India’s Accord Group and Oman’s oil ministry, the island nation’s biggest foreign direct investment ever. Prime Minister Ranil Wickremesinghe, whose 70th birthday coincided with the ground-breaking ceremony, said that with investments coming from India, China and Oman, Hambantota is set to become a multinational investment zone.
Oman and Sri Lanka have centuries-old relationships, Oman’s Oil and Gas Minister Mohammed Hamad Al Rumhy said at the ceremony. The USD 3.85 billion project is the single largest foreign direct investment in the island nation’s history.
