Sri Lanka

Power Markets

Sri Lanka, Japan consent to resume stalled tasks such as light rail

Sri Lanka and Japan agreed on Saturday to work to resume stalled bilateral jobs including a $1.5 billion Japanesefunded light train. The 2 countries revealed the agreement throughout a see to Sri Lanka by Japanese Foreign Minister Yoko Kamikawa. Sri Lanka is working to reorganize its foreign financial obligation as part of a $2.9 billion bailout from the International Monetary Fund ( IMF), after its worst monetary crisis in more than 7 years in 2022 activated a foreign financial obligation default. Japan anticipates the early signing of a Memorandum of Comprehending (MoU) between Sri Lanka and the official financial institution...

Environment

Iran ready to forge stronger ties with Sri Lanka, Raisi states

Iran is all set to strengthen ties with Sri Lanka and other Asian countries, its president, Ebrahim Raisi, stated on Wednesday, during a brief visit to the island nation, the first by an Iranian president in 16 years. The 2 countries are set to sign 5 pacts, or Memorandums of Comprehending (MoUs) on the see, only the 2nd given that one in April 2008 by Iran's then president, Mahmoud Ahmadinejad. Opening a $514-million hydro power project, Raisi promised to support development jobs in the Indian Ocean island by providing technical and engineering services. We stand fully prepared to further broaden...

Pollution

Iran's Raisi shows up in Sri Lanka to foster ties, open hydropower job

Iran's President Ebrahim Raisi got here in Sri Lanka on Wednesday for a short state check out aimed at enhancing ties, throughout which he will also open a. $ 514million hydropower job. The first go to by an Iranian president to Sri Lanka because. an April 2008 journey by its then president, Mahmoud Ahmadinejad. will see the 2 countries sign 5 pacts, or Memorandums of. Comprehending (MoUs). Iran agreed to construct the hydro power job in 2010 however. funds dried up after the release of $50 million, as U.S. sanctions imposed later that year on the Middle East nation made....

Energy Markets

Sri Lankan shares end higher as financials, consumer discretionary gain

Sri Lankan shares ended greater on Monday, assisted by gains in financials and customer discretionary stocks. * The CSE All-Share index settled 0.30% higher at 11,479. * Sri Lanka is positive about reaching an agreement quickly with bondholders to restructure about $12 billion in financial obligation, a top authorities said on Monday, a big action that will assist the island nation emerge from its worst monetary crisis in decades. * Ceylinco Insurance Coverage PLC and Lion Brewery (Ceylon). PLC were the top gainers on the CSE All Share, rising. 14.4% and 3.8%, respectively. * Trading volume on the CSE All-Share...

Pollution

China's emissions, performance targets under danger after falling short in 2023

China is falling short on crucial targets for dealing with climatewarming emissions, and analysts stated Beijing's reliability in global climate talks might be at danger unless it enhances its efforts to get back on track. The Chinese government has actually seldom missed targets in the past. Now, driven mainly by energy security issues, it has shown little political will to deal with the emissions gap, experts said. China's National Development and Reform Commission (NDRC), a. planning firm, guaranteed recently to redouble efforts in. energy conservation and carbon reduction this year after it. fell short of expectations in 2023. Analysts say...

Fossil Fuels

Sinopec's Q1 revenue falls on subdued chemicals company

China's Sinopec published an 8.9% decline in its firstquarter earnings, as rising raw products expenses and more competition hurt its petrochemical organization, balancing out greater fuel sales and oil costs. China Petroleum & & Chemical Corp as Sinopec is officially known, reported on Sunday an earnings of 18.32 billion yuan ($ 2.53 billion) in between January and March, according to a filing with the Shanghai stock exchange based upon Chinese accounting standards. The refining giant stated crude oil costs have actually changed upwards, and domestic demand for natural gas, fine-tuned oil products and petrochemical items grew compared to a year...

Fossil Fuels

China's Sinopec charts global expansion with refinery in competing India's backyard

C hinese state energy huge Sinopec is pushing for greater access to Sri Lanka's market, where rival India is likewise seeking to expand its existence, as it aims to construct its very first fullycontrolled abroad refinery, reflecting a modification in the firm's international method to make up for slowing need growth in the house. Sinopec, the world's biggest oil refiner, is anticipated to finish a feasibility study by June for a plant at the Chinese-run Hambantota port, after winning Colombo's approval last November, 2 senior market sources with direct knowledge of the matter told . While the China-based sources say...