Connection

popular articles

Enel announces €43 billion in investments and a dividend increase
The discovery of 96% natural hydrogen renews interest in Kansas subsurface
Global offshore wind industry set to reach record 19 GW of additions in 2025
The World Bank anticipates a historic drop in oil prices in 2025
Suzlon signs 81.9MW contract with Oyster Green Hybrid One

Sri Lankan refinery: Wickremesinghe abandons $3.85bn project

Sri Lanka abandons a $3.85 billion deal for an oil refinery, the largest foreign investment planned. The project, initially funded by Oman and Silver Park International, has been cancelled as construction has not started since 2019.
  • [favorite_button]

Please share:

Sri Lanka refinery: the cash-strapped country announced that it was abandoning a $3.85 billion deal to build an oil refinery. It was to become the biggest foreign investment on the island.

Failed oil refinery project in Sri Lanka: agreement broken with Silver Park International

The government has terminated the agreement, announced Energy Minister Kanchana Wijesekera. Based in Singapore, Silver Park International has not started construction of the refinery since it was due to open in 2019.

Initially, Oman and Silver Park, a family-owned Indian company, were to jointly finance the project. It was scheduled for completion this year. Mr. Wijesekera said the government would be looking for another foreign partner to set up a refinery mainly for the export of petroleum products.

Chinese companies Sinopec and Vitol had been shortlisted to build the island’s second oil refinery. Chinese investors would manage this facility located near the southern port of Hambantota.

Hambantota refinery: agreement terminated, Sri Lanka seeks new partner

A new partner will be announced in a few weeks’ time. “The cabinet cancelled the agreement with the Hambantota refinery company (of Silver Park) because they didn’t go ahead with construction,” said Wijesekera. Some 1,200 acres (485 hectares) of land allocated to the refinery have been reclaimed, he said.

In November 2019, Ranil Wickremesinghe, then Prime Minister of Sri Lanka, attended the inauguration of the Hambantota refinery. With the hope that it would become a strategic deep-water port between Asia and Europe, attracting more investment to the region.

In 2017, a Chinese company secured the lease of the port for $1.12 billion over 99 years. This was less than the $1.4 billion spent by a Chinese company to build the port.

Sri Lanka defaulted on its $46 billion foreign debt in April 2022 after running out of foreign currency to finance food, fuel and essential medicines. It has since obtained a $2.9 billion bailout from the International Monetary Fund.

Register free of charge for uninterrupted access.

Publicite

Latest news

rPlus Energies secures over $500mn for 800 MW solar-storage project in the United States
China approves 11.29 GW of coal in Q1 despite unprecedented decline in 2024
Basin Electric secures 265 MW of capacity through 15-year deal with Panamint Capital
New Zealand Energy Corp reports Q1 2025 financial results
Hull Street Energy strengthens presence in Illinois with J-Power asset acquisition

Recently published in

Saint-Jean-Baptiste Cooperative secures $3.43mn to modernise electrical grid

The Québec government is granting $3.43mn to the Saint-Jean-Baptiste Electric Cooperative to deploy smart meters and upgrade infrastructure across 16 municipalities.
Tariff increases slow down energy projects in the United States
New US tariff measures are driving up energy sector costs, with a particularly strong impact on storage and solar, according to a study by Wood Mackenzie.
en_1140290960540-3
Tariff increases slow down energy projects in the United States
New US tariff measures are driving up energy sector costs, with a particularly strong impact on storage and solar, according to a study by Wood Mackenzie.
en_1140290960540-3
Europe Faces Critical Stagnation in Climate and Environmental Investments
Despite the proclaimed urgency, European climate investments stagnate around €500 billion per year, far from the estimated needs of nearly €850 billion. New financial instruments are attempting to revive an indispensable momentum.
en_1140290944540-3
Europe Faces Critical Stagnation in Climate and Environmental Investments
Despite the proclaimed urgency, European climate investments stagnate around €500 billion per year, far from the estimated needs of nearly €850 billion. New financial instruments are attempting to revive an indispensable momentum.
en_1140290944540-3
African Debt: Why Investors Must Anticipate Immediate Climate Impacts
African countries now spend more on debt service than on education and healthcare, limiting essential investments despite significant energy potential. The G20, under pressure, struggles to provide an adequate response to the financial and climate challenges.
en_1140290945540-3
African Debt: Why Investors Must Anticipate Immediate Climate Impacts
African countries now spend more on debt service than on education and healthcare, limiting essential investments despite significant energy potential. The G20, under pressure, struggles to provide an adequate response to the financial and climate challenges.
en_1140290945540-3

Egypt authorises four private producers to supply 400 MW of electricity to industrial clients

Four renewable energy producers have been authorised to sell 400 MW directly to Egyptian industrial companies without public support.
Up to 30% of ASEAN data centres could be powered without batteries by 2030
A report by Ember shows ASEAN could supply nearly one-third of its data centres with wind and solar power by 2030 without storage, provided appropriate public policies are implemented.
en_1140290960540-2
Up to 30% of ASEAN data centres could be powered without batteries by 2030
A report by Ember shows ASEAN could supply nearly one-third of its data centres with wind and solar power by 2030 without storage, provided appropriate public policies are implemented.
en_1140290960540-2
Madrid rejects claims of experiment linked to nationwide power outage
Spanish authorities and grid operator REE denied conducting any experiment on the national electricity network prior to the massive outage on April 28, the cause of which remains unknown.
en_1140290951540-16
Madrid rejects claims of experiment linked to nationwide power outage
Spanish authorities and grid operator REE denied conducting any experiment on the national electricity network prior to the massive outage on April 28, the cause of which remains unknown.
en_1140290951540-16
Wood Mackenzie’s tariff scenarios reshape global energy policy
Three trade trajectories projected by Wood Mackenzie show how tariff tensions could shift demand, prices and investment in the global energy sector.
en_1140290949540-15
Wood Mackenzie’s tariff scenarios reshape global energy policy
Three trade trajectories projected by Wood Mackenzie show how tariff tensions could shift demand, prices and investment in the global energy sector.
en_1140290949540-15

The European Union moves closer to 2030 energy targets, says Brussels

The European Commission states the Union is on track to cut emissions by 54% by 2030, following updated national plans.
South Korea Launches Tenders for 2.25 GW of Renewable Energy
South Korea announces two major tenders totaling 2.25 GW, split between offshore wind and solar, introducing new economic and technical criteria designed to strengthen energy security and attract international investors.
en_1140290960540-14
South Korea Launches Tenders for 2.25 GW of Renewable Energy
South Korea announces two major tenders totaling 2.25 GW, split between offshore wind and solar, introducing new economic and technical criteria designed to strengthen energy security and attract international investors.
en_1140290960540-14
Ember forecasts solar and wind could power 30% of ASEAN data centres
Ember anticipates that a third of ASEAN data centre electricity demand could be met by wind and solar by 2030, without batteries, if appropriate political measures are implemented.
en_1140290952540-14
Ember forecasts solar and wind could power 30% of ASEAN data centres
Ember anticipates that a third of ASEAN data centre electricity demand could be met by wind and solar by 2030, without batteries, if appropriate political measures are implemented.
en_1140290952540-14
India steps up energy strategy as electricity demand set to triple
A Rocky Mountain Institute report reveals India’s energy ambition, with electricity demand potentially tripling by 2050, backed by an industrial policy focused on renewable energy.
en_1140290956540-14
India steps up energy strategy as electricity demand set to triple
A Rocky Mountain Institute report reveals India’s energy ambition, with electricity demand potentially tripling by 2050, backed by an industrial policy focused on renewable energy.
en_1140290956540-14

Indonesia plans 69.5 GW of new power capacity by 2034

The Indonesian government targets a mixed energy expansion involving coal, gas, renewables, and nuclear, requiring IDR2,967.4tn ($235bn) in investment by the end of 2034.
Tim Hodgson aims to accelerate permitting to revitalize Canada’s energy sector
Canadian Natural Resources Minister Tim Hodgson announces reforms to the energy permitting process, aiming to stimulate investments and strengthen relations between the government and industry.
en_1140290944540-12
Tim Hodgson aims to accelerate permitting to revitalize Canada’s energy sector
Canadian Natural Resources Minister Tim Hodgson announces reforms to the energy permitting process, aiming to stimulate investments and strengthen relations between the government and industry.
en_1140290944540-12
Washington prepares to remove emissions limits for coal and gas power plants
The U.S. Environmental Protection Agency is finalising a proposal to lift emissions caps for thermal power plants, amid a broader shift toward national energy security.
en_1140290959540-12
Washington prepares to remove emissions limits for coal and gas power plants
The U.S. Environmental Protection Agency is finalising a proposal to lift emissions caps for thermal power plants, amid a broader shift toward national energy security.
en_1140290959540-12
Pakistan allocates 2,000 MW to AI data centres and Bitcoin mining operations
The Pakistani government is releasing 2,000 megawatts of power to support the development of data centres focused on artificial intelligence and Bitcoin mining, as part of a strategy to attract foreign investment.
en_1140290956540-12
Pakistan allocates 2,000 MW to AI data centres and Bitcoin mining operations
The Pakistani government is releasing 2,000 megawatts of power to support the development of data centres focused on artificial intelligence and Bitcoin mining, as part of a strategy to attract foreign investment.
en_1140290956540-12

China surpasses 26% wind and solar electricity share in April, setting new record

In April, China generated 26% of its electricity from wind and solar, according to Ember, marking a historic first that reflects a rapid rebalancing of its energy mix.
Belgium legalises extension of two nuclear reactors until 2045
Belgium’s federal parliament has adopted a law authorising the extension of Doel-4 and Tihange-3 reactors and allowing new nuclear construction, ending the nuclear phase-out policy established in 2003.
en_1140290956540-11
Belgium legalises extension of two nuclear reactors until 2045
Belgium’s federal parliament has adopted a law authorising the extension of Doel-4 and Tihange-3 reactors and allowing new nuclear construction, ending the nuclear phase-out policy established in 2003.
en_1140290956540-11
Australia commits AUD 22.7bn to support its energy policy through 2030
The re-elected Australian government is investing heavily in storage, critical minerals and domestic production to meet its target of 82% renewable electricity by 2030.
en_1140290972540-3
Australia commits AUD 22.7bn to support its energy policy through 2030
The re-elected Australian government is investing heavily in storage, critical minerals and domestic production to meet its target of 82% renewable electricity by 2030.
en_1140290972540-3
US budget proposal threatens tax incentives for renewable energy projects
The US House budget bill outlines a gradual phaseout of tax credits, affecting financing for solar, wind, storage, and clean hydrogen initiatives.
en_1140290975540-2
US budget proposal threatens tax incentives for renewable energy projects
The US House budget bill outlines a gradual phaseout of tax credits, affecting financing for solar, wind, storage, and clean hydrogen initiatives.
en_1140290975540-2

Regulator Ofgem forecasts 7% drop in energy bills from July

The UK’s energy price cap is expected to fall to £1,720 ($2,187) in July, according to Cornwall Insight, due to recent movements in wholesale markets.
European Union cuts Russian gas imports by 98 bcm since 2021
The European Commission releases data on the REPowerEU plan, confirming a sharp drop in Russian fossil fuel purchases and announcing new legislative measures by June.
en_1140291001540
European Union cuts Russian gas imports by 98 bcm since 2021
The European Commission releases data on the REPowerEU plan, confirming a sharp drop in Russian fossil fuel purchases and announcing new legislative measures by June.
en_1140291001540
India signs $500,000 agreement to support clean energy startups
A partnership between the Indian government and GEAPP provides financial and operational support to early-stage climate-tech firms as part of a national energy strategy.
en_1140291012540
India signs $500,000 agreement to support clean energy startups
A partnership between the Indian government and GEAPP provides financial and operational support to early-stage climate-tech firms as part of a national energy strategy.
en_1140291012540
Uzbekistan accelerates energy modernisation with $100mn World Bank loan
A $150mn financing package, including $100mn from the World Bank, will support the modernisation of Uzbekistan’s power grid and integration of renewable energy in key regions.
en_1140291011540
Uzbekistan accelerates energy modernisation with $100mn World Bank loan
A $150mn financing package, including $100mn from the World Bank, will support the modernisation of Uzbekistan’s power grid and integration of renewable energy in key regions.
en_1140291011540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS