The Ceylon Chamber of Commerce has called for the Expressions of Interest (EOI) responses for the Hambantota Oil Refinery to be analyzed with caution.
In March, Minister of Power and Energy Kanchana Wijesekera revealed that seven (07) companies have submitted EOIs for the proposed new oil refinery in Hambantota.
Commenting on the matter, the Ceylon Chamber of Commerce has advised the government to set in place transparent processes and governance structures that will facilitate the divestiture of non-strategic commercial assets/stakes, as well as encourage investment in strategic assets such as the Hambantota refinery.
The Ceylon Chamber of Commerce said in its statement that any process which lacks governance and transparency could lead to corruption which is an issue that has hindered the progress of economic development and attracting genuine foreign direct investments.
A transparent process in this regard will also complement the International Monetary Fund’s (IMF) engagement with the government which is aimed at improving the governance framework through a diagnostic analysis, which is a structural benchmark under the Extended Fund facility with the IMF, it stated.
The Ceylon Chamber of Commerce further said it stands ready to assist the government in driving a progressive reform agenda and recognizes that the private sector is an equal partner in ensuring an accelerated economic recovery. (NewsWire)
