New Fortress deal to be tabled in Parliament!

New Fortress deal to be tabled in Parliament!


The Government says the New Fortress deal will be tabled in Parliament, Leader of the House Dinesh Gunawardena said today.

Gunawardena gave the assurance in response to a question raised in Parliament today by former Prime Minister Ranil Wickremesinghe.

Wickremesinghe said that his party, the United National Party (UNP), has not taken a stand on the deal.

He said the UNP wants to first study the agreement and then take a stand.

As a result, he requested the Government to table the document in Parliament.

US based New Fortress Energy and the Sri Lankan Government had recently signed the controversial deal.

New Fortress Energy said that they had executed a definitive agreement for New Fortress’ investment in West Coast Power Limited (“WCP”), the owner of the 310 MW Yugadanavi Power Plant based in Kerawalapitiya, along with the rights to develop a new LNG Terminal off the coast of Colombo.

As part of the transaction, New Fortress said it will have gas supply rights to the Kerawalapitya Power Complex, where 310 MW of power is operational today and an additional 700 MW scheduled to be built, of which 350 MW is scheduled to be operational by 2023.

New Fortress will acquire a 40% ownership stake in WCP and plans to build an offshore liquified natural gas (LNG) receiving, storage and regasification terminal located off the coast of Colombo. New Fortress will initially provide the equivalent of an estimated 1.2 million gallons of LNG (~35,000 MMBtu) per day to the GOSL, with the expectation of significant growth as new power plants become operational. (Colombo Gazette)

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