Treasury to approve funds for urea plant
Sri Lanka is to re-establish a urea manufacturing plant in the country for which Treasury approval is likely to be granted soon.
The Paranthan Chemicals Company, a fully state owned entity, is involved in establishing this plant for which a feasibility study is to be carried out on request from the Sri Lanka Institute of Nano Technology (SLINTEC), officials at the company told the Business Times.
Urea is said to be a US$100 million investment for which authorities are envisaging a public private partnership that will be initiated by the Treasury.
The necessary funds needs to be allocated to Paranthan Chemicals to commence work on the manufacturing plant, it was noted.
Officials also said that a few years back it was set to commence with Rs.35 million initially but due to the ban on the use of urea in agriculture the proposal was stopped.
Today the work scope of this project has been changed as well and approvals are awaited to first go ahead with a feasibility study.
The agreement for this study has already been entered into with SLINTEC that has the necessary acumen to do so.
Sri Lanka was said to have had a urea manufacturing plant back in the 1970s in Makola, Sapugaskanda but this was later dismantled and sold to other countries.
Paranthan Chemicals Company is the pioneer and market leader of the Sri Lankan chemical industry that was started in 1956 and considered one of the largest in South Asia during that period.
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