Sri Lanka is set to have its own LNG import terminal thanks to a joint ventre between India’s Petronet LNG and companies from Japan and Sri Lankan.
The terminal, which is set to be housed on the western coast of the country close to Colombo, will provide regassified natural gas to various power plants, domestic and transport sectors across the country. The Colombo Metropolitan Area is inhabited by more than 5 million people or roughly 25% of the total population of Sri Lanka generating over 50% of the GDP. The terminal would improve economics of various power plants.
Discussions about the projects have been taking place for more than a year with it set to take another two years to complete. The capacity of the terminal be decided upon the projected demand of the country.
Sri Lankan economy is growing at a rapid pace of 4 to 5% and primary energy consumption is estimated to increase to 19 MMTOE by the year 2030. As of now, 82% of the primary energy consumption is met through petroleum products and bio-mass. Not much success has been achieved so far in development of any indigenous gas fields. LNG imports is a significant solution to fuel the growth of the country.
For more information visit www.petronetlng.com
11th Sept 2017