Image Source: english.news24.lk
LOCAL NEWS
06
ADB approves USD 900Mn to upgrade road network
Petroleum Minister Arjuna Ranatunga rejects shipment of substandard fuel
Petroleum Minister Arjuna Ranatunga was all out against the IOC for keeping their oil tanker in Sri Lankan waters after two tests proved that the shipment contained substandard oil.
“IOC ship carrying their order arrived here on 17th October. We rejected that shipment because two tests proved that it contained substandard oil,”
The oil tanker was still in the Trincomalee waters, sixteen days after the ministry rejected the shipment. However, LIOC held French oil company M/s TOTAL responsible considering it the seller’s decision to take the vessel out of Sri Lanka.
Ranatunga, furious of the situation, requested the president and prime minister to intervene by conducting a special investigation on the fuel shortage in the island. The fuel supply was restored by Thursday but Ranatunga was determined to conduct an investigation as he believed there was a mafia behind Sri Lanka’s fuel supply.
The petrol shortage created havoc in Sri Lanka and the demand increased from 2,500 MTs to 4,700 MTs per day amid fears of fuel shortage.
Image Source: dailymirror.lk
A new program to upgrade the road network in the Eastern, Northern, Uva and a part of Western Province has received the approval of USD 900 Million from the Asian Development Bank’s (ADB) Board of Directors. The program is set to target the roads that were affected by the 26 year civil war and will also centralize on improving the standard of 340 km of national roads in the four provinces.
Considering the lack of improvement to roads in rural areas of the island, the program plots to bring a stretch of 3,400 kilometers (km) of rural access roads to all-weather standard by 2027. With the present-day trunk road network worn out, all weather access will unquestionably uplift business opportunities by providing access to nearby markets. This will also boost the country’s economic growth as 82 percent of Sri Lanka’s population reside in rural areas.
184.6 million dollars out of the total program cost of 1.08 billion dollars will be financed by the government and ADB’s fund will be delivered in five tranches, a regular loan of 90 million dollars and concessional loan of 60 million this year.