COLOMBO (News 1st); The President of the CEB Engineers Union, Saumya Kumarawadu made several revelations with regard to the controversial New Fortress LNG deal, while speaking with News 1st on Friday (10).

The President of the CEB Engineers Union claimed that the agreement is divided into two stages, with stage one only being concerned with regard to 157 million USD out of the total 187 million USD. 

According to the regulations in stage one of the agreement, the Sri Lankan Government must set up a LNG Gas Company, after which the Government must allow the US Company New Fortress to take over the relevant company.

In stage two, Kumarawadu revealed that the New Fortress Company must have the authority on supplying LNG in Sri Lanka, at which point the remaining 63 million USD will be given to the Government. 

Pointing out that the relevant agreement was signed by the Secretary of the Finance Ministry while the CEB Chairman has signed as a witness, Kumarawadu said that the CEO of the New Fortress Energy Company has also signed this agreement as well. 

However, he added, that the Finance Secretary has told the President that no Financial Transaction has taken place so far. 

Moreover, Kumarawadu stated that as there is a main shipping route to in the Southern seas, if an LNG terminal is built, it can garner a profitable venture by supplying LNG gas to such ships.