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The UAE, India, and Sri Lanka have signed a Memorandum of Understanding to transform Trincomalee into a regional energy hub, refurbishing the historic oil tank farm and exploring new refinery construction. A joint venture will oversee projects, including a bi-directional petroleum pipeline to enhance fuel logistics. This initiative aims to strengthen energy security and economic ties amid growing regional competition, particularly from China.
Sri Lanka has signed a $2.5 billion debt restructuring deal with Japan, marking its first agreement with bilateral creditors since last year's debt relief pledges. The deal is crucial for the nation's economic recovery, following its default on $46 billion in external debt in April 2022. Japan's support is seen as vital for Sri Lanka's stability in the Indo-Pacific region, as the country continues to implement reforms under an IMF bailout.
Sri Lankan President Anura Kumara Dissanayake retained the finance and defense portfolios while administering the oath of office to 21 cabinet ministers following his coalition"s historic supermajority in the recent parliamentary election. Harini Amarasuriya was reappointed as prime minister, and Vijitha Herath will serve as both foreign minister and head of the tourism ministry.
Sri Lankan President Anura Kumara Dissanayake achieved a significant coalition election victory, reflecting growing support for his leftist policies. However, he now faces the challenge of guiding the nation through its financial recovery with a largely inexperienced group of lawmakers.
Anura Kumara Dissanayake
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UAE India and Sri Lanka sign agreement for Trincomalee energy hub development
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Indian Oil Corporation Limited
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Anura Kumara Dissanayake
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