Sept 06, Colombo: Hong Kong-based liquefied natural gas (LNG) power generator, Energy World International, will invest up to US$1.35 billion to establish a LNG terminal and a power plant in Sri Lanka, according to industry reports.
The firm has reportedly been granted cabinet approval last month to set up a LNG Hub Terminal in the Colombo Port.
According to the Energy World International, the LNG import receiving terminal will act as a hub for onward distribution of LNG throughout Sri Lanka.
The firm believes there is a considerable demand for LNG in Sri Lanka and estimates the demand to be 2.0 MTPA (million tonnes per annum).
Energy World Group will also develop a 600MW combined cycle gas turbine (CCGT) power station at Kerawalapitiya near the capital Colombo with the LNG supply from the terminal at the port.
The Hong Kong firm says a substantial development of this project is already underway.