CCCC to Resume Sri Lanka Port Project After Suspension

Posted by Michelle Howard
Tuesday, March 15, 2016
China's CCCC said on Tuesday it had approval to restart the construction of its $1.4 billion real estate project near Colombo's port that was suspended a year ago on the orders of the Sri Lankan government.
 
Sri Lanka's cabinet last week granted approval for China Communication Construction Company (CCCC) to resume the biggest foreign direct investment project in the country after suspending it in March last year.
 
The project includes apartments, shopping malls, a water sports area, a golf course, hotels and marinas next to Colombo's main port which India uses as a main transhipment port.
 
"With the resumption of work now approved, the project company will commence with preparatory work as soon as feasible to ensure that the project can be completed in the expected time frame," CHEC Port City Colombo (Pvt) Ltd, which handles the project for CCCC, said in a statement.
 
It said the suspension had resulted in significant losses. CCCC had estimated in March last year that the shutdown would result in losses of more than $380,000 a day.
 
The Sri Lankan government has conducted additional environmental impact assessments to understand the project's impact and to study mitigation measures, the company said.
 
When President Maithripala Sirisena's government suspended the project, it cited various irregularities including a lack of proper permits and approvals.
 
India had raised concerns over CCCC taking ownership of 20 hectares of land under an earlier agreement.
 
However, the government said later it would only give any land to the Chinese company on a 99-year lease.
 
A cabinet paper submitted by Prime Minister Ranil Wickremesinghe last week said there were some issues still to be resolved including the lease, total extent of reclaimed land, and compensation due to the suspension.
 
The original deal involved 269 hectares of land being reclaimed, including 108 hectares assigned to the Chinese investor, of which 20 hectares was granted on a freehold basis.
 
The government, however, wants to reduce the land area allocated to the project to reduce the environmental impact.
 
(Reporting by Shihar Aneez and Ranga Sirilal)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Damen Delivers Floating Pump Station to Hamburg

Hamburg Port Authority (HPA) has taken delivery of the Sauger III, a custom floating pump station by Damen Shipyards Group for supporting dredging operations. Situated

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Striking Port Workers Protest Greek Port Sales

Greek port workers walked off the job for a sixth day on Tuesday and marched through central Athens to protest the state-sanctioned selloff of the country's two largest ports,

Finance

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Asian Traders Unload Floating Gasoline as Market Flips

Gasoline shifted from tankers to landed storage or sold off; forward gasoline prices to flip to backwardation from July. The number of tankers storing gasoline

News

Coast Guard to Remove Some Navigation Aids in Virginia

The U.S. Coast Guard is scheduled to discontinue 166 navigational aids within the Virginia Inside Passage (VIP) due to shoaling and other navigational safety concerns throughout the area.

MSHS Group President Recognized for Safety Leadership

Signal Mutual Indemnity Association, a self-insured group provider of Longshore benefits, presented MSHS President Are Friesecke with the Francis R. Sharp Executive

New OPDR Service Links Spain with Northern Europe

OPDR introduces new service: CAVA offers connection between the Spanish east coast, northern Europe and Saint Petersburg    OPDR announced its new CAVA service,

Government Update

EU Ships in Libyan Waters Would Undermine Tripoli Govt

The U.N.-backed government in Libya has not invited European ships into its territorial waters to help stop people smuggling because this could harm efforts to

Striking Port Workers Protest Greek Port Sales

Greek port workers walked off the job for a sixth day on Tuesday and marched through central Athens to protest the state-sanctioned selloff of the country's two largest ports,

Bulgaria, Greece to Consider Greek LNG terminal

Bulgarian state energy holding company BEH and Greek natural gas company Gastrade have set up a joint task force to prepare a proposal to build an off-shore liquefied

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1008 sec (10 req/sec)