Sri Lanka will be a good platform for Oil and Gas investments in the future
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“We have reliable evidence on the existence of gas and oil deposits in the Mannar Basin. At present, the exploration work has been carrying out based on that information. This move is another step forward for security of the energy in the country. With these initiatives Sri Lanka will become a platform for Oil and Gas investments in the future.” Minister of Power and Energy Mr. Patali Champilka Ranawaka expressed these views addressing as the chief guest of the session on the energy sector development strategies at the Chamber of Commerce.

The Minister further said,

“It is scheduled to implement policies and plans according to the new fuel-energy development plan of Sri Lanka under short, medium and long-term planning. The development of the policies and practices will be undertaken in line with the 100 days program of the government. We are expecting to establish a knowledge-based economy with the establishment of new policies and practices as well as new ways access and sustainable usage of energy.

The strategic plan includes 08 sectors to provide sustainable energy supply with affordable prices and superior quality for the economic prosperity of Sri Lanka. The long-term development strategies under the new energy plan focused on the renovations of the oil refining facilities, construction of coal, wind and solar power projects, settings up of new grid substations, upgrading the existing grid substations as well as an introduction of a transparent price formula to empower the consumer.

“With all these efforts we hope to make Sri Lanka the country that is self-sufficient in electricity among the neighboring countries of the region that supply an uninterrupted electricity with quality, matching with the demand at the lowest price” he added.