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Russia agrees to assist Sri Lanka’s renewable energy transition

Sri Lanka and Russia’s existing mutual relations and partnership will go beyond traditional and can support the island nation’s power and energy sector improvement initiatives.

This assurance was given by Russian Ambassador in Sri Lanka Yury Materiy when he called on Power and Energy Minister Ravi Karunanayake in Colombo recently.

He told the minister that he will agree on behalf of his country to assist Sri Lanka to further develop the power sector while motivating his government and investors to invest in Sri Lanka towards this end.

He assured that Russian companies will invest in Sri Lanka to set up coal and natural gas power plants in the country.

The Russian Federation the world’s largest country in total area, and within that diverse enormity in the northern and middle latitudes of the Northern Hemisphere, it harbors the world’s largest natural gas reserves, the second-largest coal reserves, and the eighth-largest oil reserves

As a country that has the world’s largest natural gas reserves and the second-largest reserves of thermal coal, Russia is ready to assist Sri Lanka’s renewable energy
transition, he opined.

Russia has always supported and backed Sri Lanka in all international fora. We have received similar support from Sri Lanka, and the country values it a lot, he added.

Minister RAVI Karunanayake explained the country’s hydro thermal and coal power generation status at present while seeking Russian assistance to promote coal and natural gas power plants in the island in the near future.

He noted that existing hydro power capacity has been fully utilized and the country is

now looking at renewable energy sources such as coal and natural gas.

Despite the dominance of fossil fuels in Russia’s energy mix, the country has recently been pushing harder for greater renewable energy investment.

(LI)

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