New Act to attract FDIs into energy sectorBy The Sunday Morning Business DeskThe new Petroleum Development Authority (PDA) Act to replace the existing Petroleum Resources Act No. There has to be a lucrative legal framework and in order to fulfil the requirement, the Ministry thought of formulating an Act,” he added. Cabinet approval to replace the Act was given on 25 January 2021. The Ministry had advised state-owned Ceylon Petroleum Corporation (CPC) to find a potential investor to undertake this project as a public-private partnership (PPP). The investment could be made either by a local or foreign investor, and the project would be a PPP.
Source: The Nation June 12, 2021 22:52 UTC