Minister Udaya Gammanpila is concerned over the agreement signed recently by the government with USA-based Energy Company, New Fortress Energy saying that it will keep the country’s energy security at risk.
Addressing a media briefing yesterday the Minister further elaborated that no officials from the Ministry, who are the experts on the subject, were involved or represented in so-called committees that prepared the agreement. He further revealed that it too occurred when the tenders were cal.
According to the minister, his concern was not over the transfer of a 40% stake in Yugadanavi power plant to an American Company, but the monopoly the US firm would then have over the supply of gas to the country for a period of five years.
New Fortress Energy, The US-listed Energy Company, and the Government of Sri Lanka jointly announced that they had executed a definitive agreement for New Fortress’ investment in West Coast Power Ltd. (WCP), Yugadanavi Power Plant, along with the rights to develop a new LNG Terminal off the coast of Colombo.
New Fortress Energy plans LNG operations from 2023 through to 2028.
The Minister raised concerns over the LNG supply being controlled by a foreign Company with a monopoly till 2028 and that would obstruct the effort of attracting investors to explore for gas in the Mannar basin.
