Cabinet approval has been sought to establish a Liquefied Natural Gas (LNG) Hub terminal and Storage at the Trincomalee Port for export by Energy World International Ltd, a leading company headquartered in Hong Kong, it is learnt.
It is also seeking approval to hand over a 30 acre land on lease for 30 years to the company. This global company submitted a business proposal first way back in 2012 to seek approval. However, the Attorney General observed that the scope of the project was in conflict with the Sri Lanka Electricity Act.
Later, the Sri Lanka Ports Authority sought this Company to establish a joint venture with the local authorities for investment. The proposed investment is US $ 300 million.
A Cabinet Appointed Negotiating Committee and a project committee will evaluate the proposal for this project and submit recommendations.