(VIDEO) From ECT to WCT : Sri Lanka's 360' degree policy turn

Cabinet Spokesperson Minister 

Keheliya

Rambukwella

 told 

reporters

 on Tuesday (02), while India has named Adani Ports and Special Economic Zone Limited (APSEZ Consortium), which was earlier nominated to invest in ECT, Japan is yet to respond.

According to a document taken up for discussion at the cabinet meeting on the 01st of February, it was noted the WCT investment plan should be one similar to that of CICT or Colombo International Container Terminal.

According to that plan, China Merchants Port Holdings Company Limited has an 85% stake in CICT while the Sri Lanka Ports Authority has a 15% stake in it.

"Page 58 of the policy statement of the government, very clearly states the west terminal will have a public-private partnership with foreign partners, if required," said Minister Rambukwella.

Though it is yet to be constructed, the 

long-term

 development plan of the Sri Lanka Ports Authority (SLPA) for the West Container Terminal includes the establishment of two floating LNG storage facilities.

India's Adani Group already has a business named Adani Total Gas Limited which operates wide pipeline system supplying natural gas to most parts of India.

Adani Gas Ltd is involving another gas pipeline system with the Indian Oil Corporation Ltd, according to the company website.

The world war-era oil storage facility in Trincomalee is currently with the Indian Oil Corporation Ltd and it is also proposed for a joint venture across 100 acres of land for a bunkering facility for South Asia close to the storage facility.

The West Container Terminal will be of paramount importance for Sri Lanka's future economy with respect to multiple business opportunities including 

transshipment

 of cargo.