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NITF’s reinsurance issue inflicts financial risks on SL General insurance
Sri Lanka general insurance companies are likely to face financial risks when settling claims for the insurance cover for various sectors as the foreign reinsurance contract of local company – reinsurer the National Insurance Trust Fund’s (NITF) has been terminated.
Chinese Exim Bank’s suspension of funding halts Central Expressway project
Sri Lanka’s Central Expressway construction project has met with an unavoidable obstacle following the decision of China's state-owned Exim Bank to suspend the US$ 51 million loan for the first phase of the project.
Chinese petrochemical company Sinopec to enter Lankan fuel market
Sinopec, the biggest petrochemical company in China, is likely to enter the Sri Lankan market for fuel importing, distribution and selling petroleum products, informed sources said.
JICA’s suspension of funding halts BIA expansion project by Taisei
The Bandaranaike International Airport (BIA) expansion project funded by the Japanese International Corporation Agency (JICA) has been suspended temporarily as the Government is not in a position to repay the loan.
Sapugaskanda oil refinery closure triggers fuel insecurity
Sri Lanka has overlooked fuel security with the closure of the Sapugaskanda oil refinery for at least 120 days in 2021/22 due to the suspension of crude oil imports triggering an energy crisis that has led to island-wide rolling power cuts, several Ceylon Petroleum Corporation (CPC) engineers complained.