Lanka invited for US oil confab in May

OIL CONFERENCE: For the first time Sri Lanka has been invited to make a presentation at the Offshore Technology Conference (OTC) which would be held in Texas, USA on May 1.

The US Department of Commerce has also organised a breakfast meeting Exploring new Offshore Oil and Gas Opportunities during the OTC.

This initiative had been made since it is now established that Sri Lanka has oil deposits in the Mannar bay and in two other areas.

Minister for Petroleum and Petroleum Resources Development, A. H. M. Fowzie said this is a golden opportunity given to Sri Lanka to woo investors and they will use it to the maximum.

Over 490 investors from all over the world would participate at the meeting and Sri Lanka hopes to make them aware of the off shore oil exploration activities, and expose oil exploration work to them.

Minister Fowzie and the US Ambassador to Sri Lanka Robert O’ Blake, and Chairman of Caltex Lanka Lubricants Ltd, Kishu Gomes are expected to address the breakfast meeting scheduled for May 1.

Gomes said he would be talking about the friendly investor climate in Sri Lanka and the opportunities that are available in the country.

Gomes said the US based Caltex is a very successful venture in Sri Lanka and there are so many other multi national companies such as Hong Kong Bank, Deutshe Bank, Virtusa, Shell, MacDonald’s who are doing successful business in Sri Lanka.

“These companies have re-invested in the country which is a clear indication that the investment climate is very good in the country,” he said.

The US signed an agreement to grant of US$474,000 to the Sri Lankan Ministry of Finance to develop the country’s oil and gas sector.

The Sri Lankan delegation to the meeting in Houston will comprise several officials of the Petroleum Ministry, and other key players in Sri Lanka’s petroleum sector. (SS)