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English.news.cn 2013-03-13 18:50:23
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COLOMBO,
March 13 (Xinhua) -- An export zone tied in with a Chinese funded port in
southern Sri Lanka has received an investment of over 500 million U.S. dollars
to set up the world's largest Polyethylene Terephthalate (PET) packaging resin
plant.
A
statement released by the Sri Lanka Ports Authority (SLPA) noted that the
agreement was signed with Hambana Petrochemicals Ltd. to build the factory in
the investment zone that is adjacent to a 360 million U.S. dollar Chinese
funded port.
A
210 million U.S. dollar airport, also funded by China, will be opened near the
investment zone on March and the Sri Lankan government hopes that the
Hambantota region will receive much needed investment from the infrastructure
development.
"We
have found the best facility to start this industry in Sri Lanka and this is
the largest single location PET plant in the world. It would also be integrated
subsequently with another plant, which would be set up in the second phase with
a capital outlay of 450 million U.S. dollars. The total tonnage for the port
through this industry in phase I and II is close to 4 million tons,"
Hambana Petrochemicals Limited Director/CEO Abhijit Sen was quoted as saying in
the statement.
This
business venture agreement has been signed for an initial term of 25 years and the
expected total investment is 137.39 million U.S. dollars.
PET
resin is the raw material used in manufacturing PET bottles and containers
which is a popular packaging solution for carbonated soft drinks, water, liquor
and various food/non-food packaging applications.
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Editor: Yang Yi
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