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Hambantota Port agreement

The Hambantota Port in southern Sri Lanka signed its first Terminal Service Agreement (TSA) with KLine (KL), one of the world’s largest maritime transport companies, local media reported on Sunday.

The agreement was signed between Hambantota International Port Group (HIPG) and K-Line, a member of Kawasaki Kisen Kaisha of Japan, the global giant in transportation.

The TSA was a result of K-Line’s decision to work with HIPG to improve their throughput via the Hambantota Port, as the international standard service delivery levels were consistently achieved and maintained by HIPG and met K-Line’s own levels.

China Merchants Port Holdings (CM Port) and state-owned Sri Lanka Ports Authority last July signed an agreement to manage and run the operations of the Hambantota Port. Following the signing, the HIPG was set up as a joint venture by the Sri Lankan government and CM Port.

Sinopec oil refinery in Canada

Chinese oil major Sinopec Corp has joined a group planning to build an oil refinery in Alberta, Canada, which would strengthen demand for the Canadian province’s heavily discounted crude.

State-owned Sinopec, along with an Alberta indigenous group, China State Construction Engineering Corp and Alberta management company Teedrum, plan to build a refinery to process 167,000 barrels per day of crude into gasoline and other products, the project’s consulting firm Stantec Inc said in a statement last week.