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'Reliance' for oil exploration in Mannar

Investment Promotion Minister, Navin Dissanayake will meet Mumbai industrial giant Reliance Industries for exploration of oil as the oil exploration company has shown interest in prospecting for oil in the island's possible oil fields in the North.

Mukesh Ambani led Reliance company is one of the most reputed oil exploration companies after its successes in the field.

Dissanayake who is in India told reporters in New Delhi that Sri Lanka is offering Mannar and the Southern Basin for exploration for the Reliance Company.

On the size of the oil fields offered to the Reliance, Dissanayake estimating the deal has said, for exploration Cairns India took one block that was of $400 million.

"If Reliance is coming, it will be into that figure at least," he said.

Dissanayake said Sri Lanka is also discussing with Adithya Birla and Company for setting up of a Carbon Black plant in Sri Lanka. Carbon Black is used in the manufacturing of motor vehicle tyres. According to him, investment for Carbon Black would be in the range of $ 40 to 50 million.

The Minister said Sri Lanka is also interested in building an IT Park with about 10,000 seats in the outskirts of Colombo and discussions for the investment for such a park with Mahindra Group was on.

The investment would need about $ 70 to 100 million.

Other items under discussion are industrial parks or investment zones at Trincomalee, Kilinochchi and Anuradhapura, he said.

 

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