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Sri Lanka in talks with Chinese companies for $3 billion oil refinery

Sri Lanka has entered talks with two Chinese companies over proposals to invest US $3 billion to build a new refinery at the Chinese controlled Hambantota port, reports Reuters.

Sri Lanka’s director at the Board of Investment, Mangala Yapa said the companies had put forward a joint venture proposal for a refinery that could produce up to 5 million tonnes of refined oil per year.

Sri Lanka currently has one state run oil refinery, which was originally configured to run on Iranian crude oil until US sanctions led it to stop imports from Iran.