Current Affairs - International - Discussion

India's Accord Group and Oman's oil ministry have signed a $3.85 billion deal to build an oil refinery in Sri Lanka. This is the biggest single pledge of FDI (Foreign Direct Investment) ever made in the country. The project will be located near the southern Sri Lankan port of Hambantota, which was handed over on a 99-year lease to a state-owned Chinese company. Privately-owned Accord Group will control 70 per cent of the joint venture and the Sultanate of Oman's Ministry of Oil and Gas the rest. The refinery is expected to produce 9 million metric tonnes of refined products a year for export from the Hambantota port, which serves the busiest East-West shipping route.