Sri Lanka to begin talks with India, UAE for new energy hub
#Pahalgam Terrorist Attack
Pakistan suspends Simla pact: What it means & who's affected
What is India's defence muscle if it ever has to attack?
Can Pakistan afford a full-scale war with India?
The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September.
Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt.
5
5
Next
Stay
Playback speed
1x Normal
Back
0.25x
0.5x
1x Normal
1.5x
2x
5
5
/
Skip
Ads by
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Play War Thunder now for free
War Thunder
Play Now
Undo
The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery.
It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of
Indian Oil
.
Live Events
Representatives from state-run
Ceylon Petroleum
, Indian Oil and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala.
"A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters.
President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said.
Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
ASML drags European stocks lower amid tariff worries
European shares slipped on Wednesday, with ASML leading losses after a weak business update, while broader investor sentiment remained cautious on concerns over tariff-driven inflation following stronger-than-expected U.S. inflation data . The pan-European STOXX 600 index fell 0.3% to 543.38 points, as of 0712 GMT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo ASML fell 6.7% after the world's biggest supplier of computer chip-making equipment warned that it may not achieve growth in 2026, even after its second quarter bookings beat market expectations. The latest earnings forecasts showed on Tuesday that the outlook for European corporate health has deteriorated as U.S. President Donald Trump's most recent tariff statements created further uncertainty for businesses. Additionally, the U.S. CPI reading weighed on market sentiment, renewing worries over tariff-induced inflationary effects. Live Events Across the Atlantic, focus now turns to producer price data later in the day for further clues on the impact of tariffs on the world's largest economy. In trade, investors awaited for clarity on U.S.-EU trade talks as the bloc readied retaliatory measures if negotiations with Washington failed. In the market, European technology stocks declined 1.4%, while auto stocks fell about 1%. Data showed on Tuesday, Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, up from 3.4% in May.
Time of India
25 minutes ago
- Time of India
SC seeks UP govt reply on plea against amended law on religious conversion
New Delhi: The Supreme Court on Wednesday sought Uttar Pradesh government 's response on a plea against certain provisions of the 2024 amended UP law on unlawful religious conversion . A bench of Justices Vikram Nath and Sandeep Mehta issued notice to the state asking for its response. It tagged the plea for hearing with other similar petitions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn How To Write Faster for Work (Find Out Now) Grammarly Learn More The top court was hearing a plea filed by academician Roop Rekha Verma, who hails from Lucknow, and others against the amended law. The petitioners have called certain provisions of the Uttar Pradesh Prohibition of Unlawful Conversion of Religion Act amended in 2024 "vague and overly broad" arguing their ambiguity infringed upon free speech and religious propagation .
Time of India
25 minutes ago
- Time of India
Technical experts from Prada visit Kolhapur, interact with artisans
A team of experts from Prada visited Kolhapur to interact with artisans and assess the local footwear manufacturing process, days after the Italian luxury fashion brand was accused of appropriating the region's famous flat sandals. Following the row, Prada had acknowledged that the sandals showcased in their men's 2026 fashion show were "inspired" by traditional Indian handcrafted footwear . The brand, however, clarified in a reply to the Maharashtra Chamber of Commerce that the showcased sandals are still at the design stage and not yet confirmed for commercial production. "Four members of their technical team, including the heads of footwear design of Prada and two external consultants, visited Kolhapur on Tuesday. They toured the Kolhapuri chappal manufacturing cluster, observed the production process, and held discussions with local artisans," said Lalit Gandhi, president of the Maharashtra Chamber of Commerce, Industry, and Agriculture. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover how to go from draft to done in a few clicks—not a few hours. Grammarly Install Now Undo Highlighting the craftsmanship involved, Gandhi said, "Our chappals are handmade and rooted in tradition. The team will now submit a report to its corporate office, and based on that, senior officials from Prada may visit Kolhapur in the next phase." When asked about the possibility of collaboration, Gandhi said the visit itself was a positive sign. "The fact that Prada sent a technical team all the way to Kolhapur indicates serious interest. This is perhaps the first time a Prada delegation has come to Maharashtra," he said. Live Events He further said that Prada had created a product inspired by the Kolhapuri chappals. "Once we noticed the design on the runway, we raised an objection and asked them to acknowledge its origins. They responded to us via email, accepting that the theme was inspired by Kolhapuri chappals ," said Gandhi. Later on Tuesday, the visiting team also toured the retail market area in Kolhapur and interacted with shopkeepers.
