News Story: CM Port says to build Hambantota Port into global maritime center

COLOMBO, Sept. 22 (Xinhua) -- China Merchant Ports Holdings aims to building the Hambantota Port in southern Sri Lanka into a global maritime center, the company said at Colombo's Ceylon Chamber of Commerce on Friday.

China Merchant Port Holdings (CM Port) entered into partnership with the Sri Lanka Port Authority in July.

It is the largest Foreign Direct Investment (FDI) ever implemented in Sri Lanka.

"We are targeting to turn the Hambantota port into a major hub connecting the neighboring countries as well as the rest of the world. That is the national vision of Sri Lanka and it is also our mission as an operator," said Deputy General Manager of CM Port Hang Tian at Colombo's Ceylon Chamber of Commerce on Friday.

Read the full story at Xinhua

News Story: Sri Lanka completes controversial $1 billion port deal with China

By Amal JAYASINGHE

Sri Lanka on Saturday sealed a billion-dollar deal to let a Chinese state firm take over a loss-making port in a move that worries many, including its giant neighbour India.

The long-delayed $1.1 billion sale of a 70 percent stake in Hambantota port, which straddles the world's busiest east-west shipping route, was confirmed by Sri Lanka's Ports Minister Mahinda Samarasinghe.

The government used tough laws against industrial action to stop workers going on strike this week to oppose the sale to China Merchants Port Holdings.

India is nervous about China's infrastructure moves into its traditional sphere of influence.

"We have addressed geo-political concerns," the minister said at a signing ceremony in Colombo. "China has accepted that everything in this agreement will operate under Sri Lankan law."

Negotiations over the deal were held up for months amid opposition from trade unions and political parties.

The minister said this week that several countries had raised fears about the sale. India and the United States are known to be concerned that China getting a foothold at the deep-sea port could give it a military naval advantage in the Indian Ocean.

Samarasinghe said that Hambantota, 240 kilometres (150 miles) south of Colombo, will not be a military base for any country.

China Merchants built and operates Sri Lanka's only major deep-sea terminal in Colombo, which can accommodate the world's largest container carriers.

Read the full story at SpaceDaily

News Story: China, Sri Lanka ink Hambantota Port deal

COLOMBO, July 29 (Xinhua) -- China Merchants Port Holdings and the Sri Lanka Ports Authority signed an agreement here on Saturday to develop the Hambantota Port in southern Sri Lanka.

Under the deal, the Chinese side will hold a 70 percent stake in two joint ventures to be launched to take charge of the commercial and administrative management operations of the port respectively.

After 10 years, the Sri Lankan side will gradually purchase an additional 20 percent stake, resulting in the two sides owning an equal share of 50 percent each, according to the agreement, which is valid for 99 years.

Read the full story at Xinhua

News Report: China Won’t Get Port for Naval Base, Sri Lanka Assures India

China will not be able to use the Hambantota port in southern Sri Lanka as a naval base and limit its presence to commercial activities as part of a revised agreement approved by the Sri Lankan government on Tuesday, allaying strategic concerns raised by India.

New Delhi (Sputnik) — As part of the revised pact, the Sri Lankan government has limited the role of the Chinese to just commercial operations, while retaining oversight of security operations at the port. The earlier terms of the agreement had sparked a controversy and protests in the island nation.

“Some [diplomatic] missions here were worried that the port would be used as a military naval base. As per the revised agreement, Sri Lanka will manage the port security. Our foreign policy today is reaching out to everyone and not giving special treatment to anyone,” The Hindu quoted Mahinda Samarasinghe, Sri Lankan Ports Minister, as saying.

The strategically located port was built with Chinese loans in 2010 during President Mahinda Rajapaksa’s tenure. In 2016, the Maithripala Sirisena-Ranil Wickremesinghe government decided to sell 80% stake in the port to the state-run China Merchants Port Holdings in order to service the massive $8 billion debt the island nation owes to China.

News Story: Sri Lankan cabinet approves agreement with China on Hambantota Port

COLOMBO, July 26 (Xinhua) -- Sri Lankan cabinet has approved agreement with China on Hambantota Port, describing it as "a win-win situation for both countries."

Under the agreement, China Merchants Port Holdings will own 70 percent stake of the port while Sri Lanka Ports Authority will own 30 percent, Ports Minister Mahinda Samarasinghe said late Tuesday.

Speaking at a media briefing in Colombo, Samarasinghe said the matter will also be discussed in parliament on Friday and all legislators will be briefed about the agreement signed between the two countries.

Read the full story at Xinhua