PORT NEWS AROUND THE WORLD

Sri Lanka port terminal concession finalised A deal to build a container terminal in an expanded Colombo port will be awarded to a China-Sri Lanka consortium within 'two to three weeks' according to Treasury Secretary P B Jayasundera, Lanka Business Online reported. "Right now we are about to issue an LOI (letter of intent) on the development for Colombo port," Jayasundera said. "The concession agreement has been finalised." Sri Lanka Ports Authority has been haggling with the sole bidder to raise royalties paid under the concession agreement for the last year. A team from China Merchant Holding is now in the country and awaiting legal clearance of the concession agreement, sources close to the deal said. Jayasundera told LBO the deal is likely to be awarded within two to three weeks. Analysts say terminal is likely to cost around US$500 million. The government itself is investing around $380 million to build a breakwater and expand Colombo port, which straddles an East-West shipping lane across the Indian Ocean. The expanded breakwater has space for multiple terminals which can be built over several years.