November, 18, 2015
Laugfs Terminal Limited, the subsidiary of Laugfs Gas PLC signed a historic agreement with China’s Huanqiu Terminals Limited for an over USD 80 million project at the Hambantota harbour, which is considered the first and largest such investment at the port. The initial investment is USD 51.8 million.
According to its storage capacity, the Laugfs terminal to be constructed at Hambantota would be the largest LPG import and export terminal in South Asia.
Laugfs Gas chairman W.K.H. Wegapitiya said that all construction work at this terminal is planned to be completed within 24 months.
A proud Laugfs Gas chairman said, “The Hambantota harbour is located at the centre of the world’s most significant marine route. We can gain several strategic advantages through this harbour located very close to the fast growing LPG markets in the world like India, Bangladesh, Myanmar, East and South African regions. This project will also create a large number of employment opportunities in the Hambantota region.”
Around 60 per cent of the terminals capacity is planned for re-export. Sri Lanka could earn huge foreign exchange through this energy export industry which has never been done by the island, said Laugfs chairman Wegapitiya, while adding that already his company owns two ships and that within the next 24 months they expect to increase the fleet to 10.
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