• Latest
  • Trending

Freshly minted Sino-Lankan agreement on Hambantota port to be put to parliament on Friday

July 25, 2017
Fuel. Image credits - Wassim Chouak / Unsplash

Lanka IOC dispatches fuel for 82 sheds

June 28, 2022
Fuel. Image credits - Wassim Chouak / Unsplash

Lanka IOC restricts sale of Petrol: Limits announced

June 28, 2022
People play rugby at Bondi Beach in Sydney, Australia. [Loren Elliott/ Reuters]

Australia census: Five ways the country is changing

June 28, 2022
Sri Lanka to open fuel import, retail sales market to foreign companies

Sri Lanka to open fuel import, retail sales market to foreign companies

June 28, 2022
Monkeypox case count rises to more than 3,400 globally: WHO

Monkeypox case count rises to more than 3,400 globally: WHO

June 28, 2022
Electricity

Power cut schedule for June 28 in Sri Lanka

June 28, 2022
Russia default

Russia defaults on foreign debt for first time in a century

June 28, 2022
Passengers wait on the platform. The wait may be long. Photo: Tang Lu/Xinhua

Adequate SLTB buses and trains will operate as per schedule

June 28, 2022
Fuel. Image credits - Wassim Chouak / Unsplash

Lanka IOC dispatches fuel for 116 sheds

June 27, 2022
President Joe Biden has told his officials to extend all help to Sri Lanka

President Joe Biden has told his officials to extend all help to Sri Lanka

June 27, 2022
Lankan govt to issue fuel only to essential services from June 27 to July 10

Lankan govt to issue fuel only to essential services from June 27 to July 10

June 27, 2022
Applications invited from Sri Lankans for Indian scholarships

Applications invited from Sri Lankans for Indian scholarships

June 27, 2022
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Tuesday, June 28, 2022
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC dispatches fuel for 82 sheds

    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC restricts sale of Petrol: Limits announced

    Sri Lanka to open fuel import, retail sales market to foreign companies

    Sri Lanka to open fuel import, retail sales market to foreign companies

    Electricity

    Power cut schedule for June 28 in Sri Lanka

    Passengers wait on the platform. The wait may be long. Photo: Tang Lu/Xinhua

    Adequate SLTB buses and trains will operate as per schedule

    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC dispatches fuel for 116 sheds

    President Joe Biden has told his officials to extend all help to Sri Lanka

    President Joe Biden has told his officials to extend all help to Sri Lanka

    Lankan govt to issue fuel only to essential services from June 27 to July 10

    Lankan govt to issue fuel only to essential services from June 27 to July 10

    Applications invited from Sri Lankans for Indian scholarships

    Applications invited from Sri Lankans for Indian scholarships

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    People play rugby at Bondi Beach in Sydney, Australia. [Loren Elliott/ Reuters]

    Australia census: Five ways the country is changing

    Monkeypox case count rises to more than 3,400 globally: WHO

    Monkeypox case count rises to more than 3,400 globally: WHO

    Russia default

    Russia defaults on foreign debt for first time in a century

    President Joe Biden has told his officials to extend all help to Sri Lanka

    President Joe Biden has told his officials to extend all help to Sri Lanka

    Is Nepal’s geo-strategic location a bane or a boon?

    Is Nepal’s geo-strategic location a bane or a boon?

    Money

    Here’s how you can become rich by doing nothing

    Fresh transport strikes hit UK, Europe

    Fresh transport strikes hit UK, Europe

    U.S. Supreme Court ends constitutional right to abortion

    U.S. Supreme Court ends constitutional right to abortion

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Will Smith

    Will Smith banned from Oscars for 10 years over slap

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    High life in troubled Colombo  

    High life in troubled Colombo  

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC dispatches fuel for 82 sheds

    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC restricts sale of Petrol: Limits announced

    Sri Lanka to open fuel import, retail sales market to foreign companies

    Sri Lanka to open fuel import, retail sales market to foreign companies

    Electricity

    Power cut schedule for June 28 in Sri Lanka

    Passengers wait on the platform. The wait may be long. Photo: Tang Lu/Xinhua

    Adequate SLTB buses and trains will operate as per schedule

    Fuel. Image credits - Wassim Chouak / Unsplash

    Lanka IOC dispatches fuel for 116 sheds

    President Joe Biden has told his officials to extend all help to Sri Lanka

    President Joe Biden has told his officials to extend all help to Sri Lanka

    Lankan govt to issue fuel only to essential services from June 27 to July 10

    Lankan govt to issue fuel only to essential services from June 27 to July 10

    Applications invited from Sri Lankans for Indian scholarships

    Applications invited from Sri Lankans for Indian scholarships

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    People play rugby at Bondi Beach in Sydney, Australia. [Loren Elliott/ Reuters]

    Australia census: Five ways the country is changing

    Monkeypox case count rises to more than 3,400 globally: WHO

    Monkeypox case count rises to more than 3,400 globally: WHO

    Russia default

    Russia defaults on foreign debt for first time in a century

    President Joe Biden has told his officials to extend all help to Sri Lanka

    President Joe Biden has told his officials to extend all help to Sri Lanka

    Is Nepal’s geo-strategic location a bane or a boon?

    Is Nepal’s geo-strategic location a bane or a boon?

    Money

    Here’s how you can become rich by doing nothing

    Fresh transport strikes hit UK, Europe

    Fresh transport strikes hit UK, Europe

    U.S. Supreme Court ends constitutional right to abortion

    U.S. Supreme Court ends constitutional right to abortion

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Will Smith

    Will Smith banned from Oscars for 10 years over slap

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    High life in troubled Colombo  

    High life in troubled Colombo  

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Around South Asia

Freshly minted Sino-Lankan agreement on Hambantota port to be put to parliament on Friday

Editor by Editor
July 25, 2017
in Around South Asia, Business, China, Sri Lanka, Top Story
Reading Time: 3 mins read
2 0
A A
Share on WhatsApp

Colombo, July 25 (newsin.asia): A freshly minted Sino-Sri Lankan agreement on the controversial Hambantota port will be submitted to the Sri Lankan parliament for a debate on Friday to secure political legitimacy for it, said the Minister of Ports, Mahinda Samarasinghe at a press briefing here on Tuesday.

As per the new “Concessional Agreement”  the Sri Lankan government via the Sri Lanka Ports Authority (SLPA),  becomes an equity partner and investor in the port, along with China Merchants Ports Holdings Company Ltd. (CMPort).

Overall ,the share split in the joint venture will be 70% for the CMPort and 30% for SLPA and not 80:20 as was the case in an earlier Framework Agreement signed in late 2016.

ADVERTISEMENT

Describing the agreement as a “win-win deal”, Minister Samarasinghe said that if parliament approves the deal, the pact will be signed on Saturday.

At the Sri Lankan cabinet meeting held  earlier in the day  the fresh agreement was approved unanimously after an hour’s sharp debate. However, at the end of it, President Sirisena suggested that the deal be run through parliament to hear the law makers on it and to secure added legitimacy, Samarasinghe said.

Basic Features 

The SLPA will set up two special purpose companies to carry out various activities.

The first company, Hambantota International Port Services Co. Ltd. (HIPS), with a capitalization of US$ 606 million, will undertake the management of the common user facilities and services of the port such as port security, navigational services, pilotage, anchorage, provision of aids to navigation, dredging, widening (capital and maintenance), emergency responses, pollution control and other services.

The shareholding of this company will be as follows: SLPA 50.7% (42% of shares directly by the Ports Authority and a further 8.7% of share indirectly through the second company HIPG) and CMPort 49.3%.

The second company is the Hambantota International Port Group Ltd., (HIPG) which, with a capitalization of US$ 794 million, will undertake the management of operational assets of the port, further development of the Hambantota Port, its infrastructure and commercialization of cargo handling and related operations.

Hambantota port

The SLPA will hold 15% and CMPort 85% of the shares in HIPG.

All assets of the Hambantota Port, including the land belonging to it, are to be transferred to the two companies HIPS and HIPG. The two companies will be capitalized to the tune of US$ 1.4 billion with the CMPort contributing US$ 1.12 billion.

Based on the above mentioned composition of shares, the overall shares held by CMPort will be 69.55%, while the overall shares held by Ports Authority will become 30.45%.

Future

The CMPort has agreed to sell to SLPA a further 20% equity to the SLPA after a period of ten years. The SLPA will have the right to buy all the shares after the expiry of 70 years. The time period of the entire agreement is 99 years.

The SLPA will, in addition, get royalty and dividends from the joint venture.

In the previous Framework Agreement, signed in later 2016, the splitting of the stake was 80:20, with 80% for CMPort and 20% for SLPA. But the 80:20 ratio came under flak, as people considered it a “sellout” to a foreign country.

In the latest agreement, the land assigned the port has been reduced from 1574 hectares to 1115 ha in response to the criticism that agricultural land had been given away to foreigners.

India’s Security

To address the security concerns of certain countries (presumably India and the US),  the present agreement says that port’s security will be entirely in the hands of the SLPA.  A committee, which will have representatives of the Sri Lankan navy and defense ministry ,will be overall in charge of security.

India has been  apprehensive about China’s using the port for military purposes after two submarines berthed Colombo harbor without India’s knowledge in 2014.

(The featured picture at the top shows Sri Lankan Minister of Ports Mahinda Samarasinghe)  

Related Posts

Fuel. Image credits - Wassim Chouak / Unsplash
Around South Asia

Lanka IOC dispatches fuel for 82 sheds

June 28, 2022
Fuel. Image credits - Wassim Chouak / Unsplash
Around South Asia

Lanka IOC restricts sale of Petrol: Limits announced

June 28, 2022
Sri Lanka to open fuel import, retail sales market to foreign companies
Around South Asia

Sri Lanka to open fuel import, retail sales market to foreign companies

June 28, 2022
Electricity
Around South Asia

Power cut schedule for June 28 in Sri Lanka

June 28, 2022
Passengers wait on the platform. The wait may be long. Photo: Tang Lu/Xinhua
Around South Asia

Adequate SLTB buses and trains will operate as per schedule

June 28, 2022
Fuel. Image credits - Wassim Chouak / Unsplash
Around South Asia

Lanka IOC dispatches fuel for 116 sheds

June 27, 2022
  • Electricity

    Power cut schedule for June 28 in Sri Lanka

    43650 shares
    Share 17476 Tweet 10906
  • Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    1180 shares
    Share 479 Tweet 292
  • WATCH : Yohani’s first live performance in India

    784 shares
    Share 326 Tweet 191
  • Power interruption schedule released: Check your area power cut time

    736 shares
    Share 314 Tweet 176
  • Leader of Bohra community meets President

    668 shares
    Share 271 Tweet 165
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

mersin eskort -

Meritroyalbet

-
Jojobet
- Süperbetin - eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - istanbul avukat