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Sri Lanka’s energy SOE for natural gas to partner with foreign companies

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COLOMBO (News 1st); Sri Lanka will set up a natural gas company as a subsidiary of the state-run Ceylon Petroleum Corporation, and it will run as a PPP with foreign companies, announced Energy Minister Udaya Gammanpila on Friday (26).This company is expected to develop natural gas reserves, construct pipelines, and transport and distribute the fuel.“The company will act as the state partner in the partnerships launched with overseas companies for gas exploration in Sri Lanka,” said the Minister adding that the overseas companies that allow a 15% stake in the PPP with the local SOE partner, will be allowed to explore for gas in the country.The Minister said a certain percentage of the profits will be given to the country, and the management.

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