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A Cabinet paper was recently presented by the Minister of Urban Development and Water Supply to allocate 50 acres from the Muthurajawela buffer zone to Lionvert Lanka Ltd. (LLL), for a petroleum refinery and power plant project.

The Cabinet recommended that further consideration of this proposal was necessary, with due notice to the Minister of Industry, Tourism and Investment Promotion and the Minister of Finance and Planning, while involving the BOI and the Central Environmental Authority in further studying this proposal as suggested in these observations.

It was also decided to authorize the Ministry concerned to sell to the construction industry, at a price to be negotiated, within three months from the date of this decision, the sand presently piled up on this land, which was originally set aside for the proposed Colombo-Katunayake Highway, .

Lionvert Lanka Ltd.,with a nominal share capital of Rs. 500 million, currently operates from the USA, though registered in Sri Lanka as a private limited liability company under the Companies Act No. 17 of 1982. Reference to the Memorandum of Association (MoA) of Lionvert Lanka Ltd., the two shareholders of this company, Donald T. McDevitt and Mary B. Resch of Texas, USA have only fulfilled the legal requirement by taking one share each in the formation of the company.

According to the Department of Registrar of Companies, Sri Lanka, the primary objectives of the LLL is to carry on the business of a petroleum refinery and storage facility cum electric power generation plant, and operate a single point offshore mooring in Sri Lanka.

Lionvert Lanka Ltd. also has plans to expand the business of crude oil distillation, to produce naphtha, petrol, diesel, kerosene, aviation jet fuel, residual fuel oil, pitch or any other products of every type and description, incidental, supplementary or complementary to the distillation of the main products.

Lionvert Lanka Ltd.in its Memorandum of Association, the company has also stated that it has further plans in operations related to the business of import, export, wholesale and retail distribution of crude and refined petroleum products and byproducts of every type and description and to carry on the business of electrical power generation and supply.