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)

Legal

MN100: MOPS Marine License Insurance

The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms,

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

Ports

Charleston Handles Its Largest Ever Containership

The South Carolina Ports Authority (SCPA) welcomed the 10,700 TEU APL Yangshan, the largest containership ever to call the Port of Charleston.   “The deployment

Krishnapatnam Port, Maersk Launches Mainline Service for China

Krishnapatnam, the country’s largest all-weather; deep water port on the east-coast of India has marked another milestone towards operational excellence as it launched

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

Government Update

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

California: A Strong Shipbuilding State

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance

White House Sees a Path to Approval of Pacific Trade Deal

The White House on Monday said it was hopeful it could win congressional approval of the Trans-Pacific Partnership trade pact before President Barack Obama leaves office,

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.1009 sec (10 req/sec)