Hyrax Oil Signs Agreement to Construct Lubricant Manufacturing Plant in Sri Lanka

colombopage.com, May 07,’16

Hyrax Oil, a Malaysian manufacturer of petroleum derivatives with a vast customer base worldwide will be investing US$ 30 million to establish four million liters per month lubricant blending plant in Muthurajawela in western Sri Lanka.  Three agreements were signed between Hyrax Oil and Sri Lanka’s petroleum authority, Ceylon Petroleum Corporation. The agreements that were signed are for a build, operate and transfer  agreement, a supply agreement and a land lease agreement. Hyrax Oil will construct the plant and subsequently manufacture the lubricant products for CPC for a term of 20 years.
The construction of the plant will start within two months, and it is expected to be completed within a year.