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BOI signs Agreement With Pearl Energy to set up LNG Plant in Hambantota

The Board of Investment of Sri Lanka signed the agreement Pearl Energy (Pvt) Ltd., to launch
‘Hambantota LNG Hub’ – A floating storage LNG trading facility at the Port of Hambantota,
bringing LNG to the doorstep of Sri Lanka, with a primary aim of trading LNG in the region
utilizing the strategic location of Hambantota.

The agreement was signed by Mr Susantha Ratnayake, Chairman BOI and Ms. Tania Siegertsz
– Director, Pearl Energy. The total investment of the project is US$ 97.2 Million
The LNG Hub will become a landmark infrastructure development for the region paving the way
to broader access to natural gas as a primary fuel in South Asia. Commencing commercial
operations within 6 months, Pearl Energy will utilise a floating storage unit (FSU) with an initial
capacity of 1 million tonnes per annum (MTPA). The company will deploy small LNG Carriers to
re distribute LNG to South India & the Maldives providing LNG as a clean and affordable
alternative to the industries in these locations.

‘It is our pleasure to embark on this journey of bringing clean energy to the doorstep of Sri
Lanka & the region. Taking the ‘early mover’ Advantage we will strive to place Sri Lanka as a
future LNG Hub of the world. Factors including the strategic location of Hambantota, Newly
established stable government & its investor friendly policies & the fast growing regional
demand for LNG Encouraged our investors led by Mr. Omar Siraj of Saudi Arabia to place their
confidence on this project despite the global economic downturn caused By Covid-19
pandemic’, said Ms. Tania Siegertsz – Director, Pearl Energy.

‘Sri Lanka is extremely well equipped to meet the change in dynamics in the global LNG market
and consolidate its position as a key player for the future. Though our project is launched
targeting regional trade, the fact that a world class LNG hub will soon be within the Port of
Hambantota, we are confident that Sri Lanka too will be encouraged to convert its power plants
to LNG Thus saving millions of USD whilst also increasing the efficiency & producing more
power to the national grid. The Port too could also commence using LNG for bunkering thereby
making Hambantota Port & its industrial Zone as a ‘Clean Energy Zone’ of the future, Ms. Tania
stated further.

Hambantota Port has the geographic advantage of being strategically located nearest to the
world’s busiest shipping lane with the added benefit of a deep water coastline. This allows the
port to be capable of handling the world’s largest container ships and super tankers making this
port an ideal location for the transshipment of goods and natural resources moving across the
subcontinent. Hambantota is also integrated into the global development strategy of the
Chinese government, the Belt and road initiative (BRI), providing the opportunity for wider
regional maritime connectivity.

Moreover, this port has the benefit of the vast expanse of land available in the Hambantota
District for its expansion and has the potential to emerge as the most favoured International
business hub. With the aim of creating an energy hub surrounding the port of Hambantota.

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