Category: Daily Financial Times

President Anura Kumara Dissanayake has reviewed plans to develop Colombo’s historic Fort area into an internationally recognised tourist destination.

Sri Lanka is exploring a passenger drone service aimed at boosting tourism, with potential uses in disaster response and maritime navigation.

President Anura Kumara Dissanayake said the Government is committed to building a peaceful and compassionate society and will not allow ethnic or religious conflicts to emerge again in Sri Lanka.

The final Randoli Perahera of the annual Esala Perahera at the historic Sri Dalada Maligawa paraded through the streets of Kandy last night (27), drawing thousands of devotees and spectators.

Frontier Energy Network will take Sri Lanka’s newly launched oil and gas licensing round to the international upstream market through a targeted campaign aimed at connecting the country with global operators and investors capable of evaluating and investing in the four offshore blocks on offer.

UK-based Frontier Energy Network Founder and CEO Gayle Meikle, speaking virtually yesterday at the launch of the ‘Sri Lanka Licensing Round 2026’, said the company, through its global upstream investment-promotion platform PetroInvest, would work alongside the Petroleum Development Authority of Sri Lanka (PDASL) to market the opportunity internationally.

‘Firstly, a sincere congratulations to the Government of Sri Lanka, the Ministry of Energy and the Petroleum Development Authority of Sri Lanka on the launch of the Sri Lanka Licensing Round 2026. It is a privilege for Frontier, through our PetroInvest service, to be working alongside the team and to have the responsibility of taking this opportunity to the international market,’ Meikle said.

Frontier has been appointed as the specialist international marketing and promotion partner for the licensing round, under which Sri Lanka is offering four offshore exploration blocks covering nearly 34,000 sq. km in the Mannar Basin.

Meikle said launching a licensing round was only the first step, with its success dependent on how effectively the opportunity was presented to potential international investors.

‘Launching a licensing round is an important moment for the country and taking that opportunity successfully to the international market is a crucial part. It requires clear positioning, specialist industry marketing and, most importantly, reaching companies and decision-makers capable of evaluating and investing in those opportunities,’ she said.

‘Frontier is the specialist international marketing and promotion partner supporting the Sri Lanka Licensing Round through our PetroInvest service. We are working alongside the Petroleum Development Authority of Sri Lanka to take the licensing round to the international upstream market.’

The upstream petroleum industry covers the exploration and production end of the oil and gas business, including the search for resources, drilling and eventual extraction.

Meikle said Frontier’s mandate was not limited to general promotion, but involved identifying and engaging companies and individuals with the technical expertise and capital to consider Sri Lanka’s offshore acreage.

‘Our role is to position the opportunity, communicate it effectively and connect Sri Lanka with Frontier’s international network of operators, investors, technical experts and senior industry decision-makers worldwide,’ she said.

A key part of the campaign is a dedicated digital hub developed for the Sri Lanka Licensing Round 2026, intended to provide potential bidders with a single point of access to information on the acreage and bidding process.

‘The website provides a single international destination for companies interested in understanding, evaluating and participating in the bid round,’ Meikle said.

She said the opportunity section introduces the licensing round and provides an overview of Sri Lanka’s offshore petroleum prospects and the acreage being offered, while a separate team section introduces the PDASL officials responsible for delivering the bid round.

Maps available through the platform allow potential investors to examine the acreage and locations of the four blocks.

‘Ultimately, creating the digital platform is only part of the job. Our role is to take the Sri Lanka opportunity out to the international market. Frontier is supporting an integrated campaign combining international communications, specialist marketing, direct investor engagement and promotion through our global upstream network,’ she said.

The international campaign will begin with investor engagement in London at the World Energies Summit on 29 and 30 September.

‘This includes international investor engagement in London at the World Energies Summit on the 29th and 30th of September, putting Sri Lanka in front of senior upstream leaders from across the global upstream sector,’ Meikle said.

A dedicated virtual investor briefing will follow on 21 October, giving prospective investors direct access to Sri Lankan officials and an opportunity to examine the licensing round in greater detail.

‘On the 21st of October, a dedicated virtual investor briefing will give interested companies the opportunity to hear directly from Sri Lanka, understand the licensing round in greater detail and engage with the team,’ she said.

The campaign will then move to Asia, with Sri Lanka’s exploration acreage to be promoted to investors at the Asia Petroleum Geoscience Conference and Exhibition in Kuala Lumpur on 16 and 17 November.

‘And lastly, in November, the campaign moves into Asia with investor engagement in Kuala Lumpur at the Asia Petroleum Geoscience Conference and Exhibition on the 16th and 17th of November,’ Meikle said.

The international campaign will run alongside the formal bidding process for the four Mannar Basin blocks. Prospective companies will be able to access technical information to assess the geological potential of the acreage before deciding whether to bid.

Meikle said Frontier’s role was ultimately to connect Sri Lanka’s upstream petroleum potential with companies able to assess and invest in it.

‘Ultimately, our role is about creating the bridge between the country’s upstream opportunity and the international market. For Sri Lanka, that means building international awareness, making the opportunity easy to understand and access, targeting the right companies and creating opportunities for meaningful investor engagement,’ she said.

‘This is what Frontier brings to the Sri Lanka Licensing Round 2026: specialist upstream marketing, international reach and a coordinated campaign to take Sri Lanka’s opportunity to the world.’

Meikle invited prospective investors to examine the licensing opportunity and formally register their interest as the international campaign gets underway.

‘If you are interested in the Sri Lanka Licensing Round, please visit the website, explore the opportunity and register your interest. We look forward to welcoming you and engaging with you soon,’ she said.

Sri Lanka has resumed international licensing for offshore oil and gas exploration after more than a decade, offering four Mannar Basin blocks covering 33,964 square kilometres in a fresh attempt to attract global energy companies to develop the country’s hydrocarbon resources.

The move comes more than a decade after Cairn India exited Sri Lanka following an exploration campaign that discovered natural gas and condensate but did not progress to commercial production.

Petroleum Development Authority of Sri Lanka (PDASL) Director General Dr. Neil De Silva said bids under the Sri Lanka Licensing Round 2026 (SL2026-01) were expected to close in early 2027, followed by evaluation and the award of blocks through Petroleum Resources Agreements. Seismic surveys and drilling would follow, with commercial production targeted by 2032 if commercially viable resources are established.

Sri Lanka already has two gas discoveries in the Mannar Basin, Dorado and Barracuda, both made in 2011. Dr. De Silva said Dorado has an estimated P50 resource of 314 billion cubic feet (bcf) of gas and Barracuda 525 bcf, giving a combined estimate of 839 bcf. P50 is the most-likely estimate, representing a 50% probability that the actual resource will equal or exceed that volume.

‘Barracuda is very interesting because the upside potential of the Barracuda discovery is at least four times that,’ Dr. De Silva said.

He said the discoveries represented only part of the Mannar Basin’s potential, with substantial areas yet to be explored.

Cairn drilled four wells in the Mannar Basin between 2011 and 2013. However, the deepwater location, high development costs and lack of supporting infrastructure made commercial development difficult at the time.

Dr. De Silva said conditions had changed considerably since Cairn’s exit, with technological advances making deepwater exploration and extraction more feasible and more companies entering the sector. While the cost of deploying a deepwater drilling rig remained broadly comparable to a decade ago, technology had improved the economics of exploration, with Chinese companies and technology also becoming more prominent globally.

The 2032 production target remains dependent on seismic studies and drilling establishing commercially recoverable resources. Companies awarded blocks will have to undertake seismic surveys and exploration and appraisal drilling before commercial development can proceed.

Sri Lanka is seeking to position Colombo as a preferred cruise tourism hub in the Indian Ocean, with the Government and private sector exploring ways to attract more international cruise liners and extend passenger stays to generate wider economic benefits.

Ocean Cruise Global Accounts Director Thushaan Kunabalasingam, who works closely with leading global cruise operators, said the current environment was conducive to new investment and greater collaboration between the Government and private sector.

‘Sri Lanka has the potential to be a key hotspot for cruise tourism in the Indian Ocean. With proper coordination between ports, travel agencies and hotels, Colombo can emerge as a preferred destination,’ Kunabalasingam told the Daily FT.

During his recent visit to Sri Lanka, Kunabalasingam held discussions with Government Ministers and senior officials on developing the cruise tourism industry and attracting more international cruise calls.

His discussions with the Sri Lanka Ports Authority (SLPA) focused on the potential to accommodate larger vessels carrying 5,000-7,000 passengers. He said major cruise operators, including those frequently calling at Indian ports, currently bypass Colombo despite Sri Lanka’s strategic location in the Indian Ocean.

Kunabalasingam is also facilitating links between Cinnamon Hotels Group and international cruise lines to develop an integrated tourism offering aimed at high-spending cruise passengers.

He met Foreign Minister Vijitha Herath together with representatives of the German Industry and Commerce Agency (AHK) Sri Lanka and Livecookintable/MEC2 GmbH to discuss opportunities to develop Sri Lanka as a leading cruise tourism destination.

A key focus of the discussions was strengthening cooperation between public authorities and the private sector to increase the number of cruise ships calling at Sri Lankan ports, while developing strategies to extend the stays of passengers who currently make relatively short visits.

Kunabalasingam said longer stays would spread the economic benefits of cruise tourism beyond ports and hotels to transport operators, tour guides, travel agencies, local businesses and communities.

The initiative also seeks to bring together hotels, travel agencies and other tourism stakeholders to create packages encouraging cruise passengers to leave their ships, explore Sri Lanka and spend more time in the country.

‘The aim is to keep the people here, not just make a stop and go,’ Kunabalasingam said.

He said Sri Lanka could also seek to capture cruise traffic currently heading to destinations such as the Maldives.

‘When cruises are going to Maldives, why not Sri Lanka?’ he said, pointing to the country’s proximity and existing tourism infrastructure.

Kunabalasingam said discussions with the Government and port authorities had created a positive environment for moving the initiative forward, while international cruise industry networks could be leveraged to promote Sri Lanka among global operators.

The Government has also highlighted tourism as an area offering significant investment opportunities and reaffirmed its commitment to developing cruise tourism as a key driver of the sector.

Kunabalasingam said the focus should ultimately be on creating a coordinated ecosystem in which cruise operators, ports, hotels, travel agencies and local businesses all benefit from increased cruise activity.

‘Everyone is going to benefit if we really push each other,’ he said.

Carnage has officially partnered with Sri Lanka Rugby (SLR) as the Official Clothing Partner of the National Rugby Team, marking a significant new collaboration between a leading local brand and the country’s premier rugby outfit.

The partnership brings together two entities that share a strong belief in discipline, commitment, teamwork and continuous improvement. Carnage will provide official clothing for the national rugby team, further strengthening its growing presence in Sri Lankan sport.

Carnage Founder Joel Tillekeratne said the partnership reflects the brand’s belief that progress comes through dedication, hard work and striving to be better every day. He added that rugby embodies commitment, resilience and the ability to perform as a team, making the collaboration particularly meaningful for Carnage.

‘Carnage has always been driven by the belief that progress comes from showing up, putting in the work and being 1% better every day,’ Tillekeratne said. ‘Rugby embodies that mindset. It demands commitment, resilience and the ability to perform as a team. Having Carnage stand behind our national rugby team is something I’m particularly proud of, and we’re looking forward to being part of their journey.’

The partnership also builds on Carnage’s wider commitment to developing sporting talent. Through the Carnage Athletes Foundation, the brand supports athletes with ambitions of reaching the international stage. Carnage has also recently been named the Official Activewear Partner of the National Olympic Committee of Sri Lanka.

Sri Lanka Rugby President Pavithra Fernando welcomed the partnership, noting that Carnage understands the discipline and determination required to represent the country at the highest level.

‘Representing Sri Lanka demands a level of commitment that extends well beyond the field,’ Fernando said. ‘Carnage understands the discipline and determination required to perform at this level, making them a strong partner for our national team. We look forward to working together and equipping our players as they continue to represent Sri Lanka with pride.’ (SJ)

Chandana Guniyangoda assumed duties as the new Chairman of People’s Bank yesterday at a ceremony held at the bank’s head office. The occasion was attended by the former Chairman Prof. Narada Fernando, Board members, General Manager/CEO and members of the bank’s corporate management.

The bank said Guniyangoda’s appointment marks a significant milestone in Sri Lanka’s State-owned banking sector. He becomes the first Chairman of a state-owned licensed commercial bank to be appointed as an Independent Non-Executive Director under the strengthened governance framework introduced following Sri Lanka’s IMF-supported reform program.

The framework, developed through reforms undertaken in consultation with the IMF and World Bank and reinforced by the Central Bank of Sri Lanka’s Banking Act Directions No. 05 of 2024 on Corporate Governance for Licensed Banks, introduced more rigorous criteria for determining Director independence and strengthened the role of independent oversight at Board level.

This milestone therefore represents an important step in strengthening public confidence in the governance of People’s Bank and in ensuring that the bank continues to be managed in the best interests of its customers, stakeholders and the country.

A distinguished finance professional with over 28 years of experience, including 19 years in commercial banking, Guniyangoda brings extensive expertise in finance, strategic planning, business transformation, process re-engineering, cost optimisation, human resource management, asset and liability management, risk management and regulatory reporting.

Guniyangoda is a Fellow of both the Institute of Chartered Accountants of Sri Lanka (FCA) and the Institute of Certified Management Accountants of Sri Lanka (FCMA). His academic qualifications include a Master of Business Administration in Banking and Finance (MBA) from the Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura; a Master of Arts in Financial Economics (MAFE) from the University of Colombo; and a B.Sc. in Business Administration (Special) from the University of Sri Jayewardenepura. He also holds an Advanced Certificate in Banking and Finance (ACBF) from the Institute of Bankers and IFS, London.

Throughout his career, Guniyangoda has held a range of senior strategic and managerial positions across the banking and corporate sectors. His professional experience includes serving as Assistant Vice President – Finance, Strategic Planning and Business Support at NDB Bank PLC and as Director of Development Holdings Ltd., a joint venture between NDB Bank and the Export Development Board.

Prior to this, he served at Sampath Bank PLC as an ALCO Officer and Senior Executive – Finance and Planning. He commenced his professional career as a Trainee Graduate at Aitken Spence PLC. More recently, he provided specialist expertise in finance and administration in the restructuring of institutional frameworks within the agriculture and plantation sectors under the Agriculture Modernisation Project of the World Bank and the Ministry of Agriculture.

In addition to his extensive corporate and banking experience, Guniyangoda currently serves as Independent Chairman of People’s Insurance PLC, Group Chief Financial Officer of MG Group of Companies, a Board Member of New Vithanakande Tea Factory Ltd., and Non-Executive Chairman of CCPI Management Holdings Ltd. He is also an Honorary Member of the Board of Management of the CA Sri Lanka SAB Campus.

With his extensive experience in banking, finance, corporate governance and strategic management, Guniyangoda assumes the Chairmanship of People’s Bank with a wealth of knowledge and expertise, further strengthening the Bank’s leadership as it continues to support Sri Lanka’s economic development and serve millions of customers across the country.

Dialog Axiata PLC announced its partnership with Cool Planet, enabling customers to make secure LankaQR payments using Dialog Pay across its network of over 14 outlets. The partnership introduces a more rewarding digital payment experience at one of Sri Lanka’s leading fashion and lifestyle retailers, giving customers complimentary Dialog data on eligible LankaQR transactions.

Customers can now use Dialog Pay to purchase a wide range of fashion apparel, footwear, accessories, beauty products, toys, homeware, gifts and lifestyle essentials across Cool Planet stores. The partnership provides customers with a secure and convenient way to pay while making family shopping even more rewarding.

Cool Planet Marketing Manager Aqaam Wahabdeen said: ‘Cool Planet has always been about making fashion and lifestyle shopping effortless, rewarding and accessible for families across Sri Lanka. Everything we do is built around our customers from the ranges we curate in our stores to the experience we create every time they visit us. Offering Dialog Pay is a natural extension of that promise: it gives our shoppers one more secure and convenient way to pay, with the added benefit of complimentary data on eligible LankaQR transactions. We’re proud that a brand our customers already trust for choice and value can now reward them even more, every time they shop with us.’

Dialog Pay, available through the Dialog Pay App and the MyDialog App, brings together connectivity, digital payments and financial services within a single ecosystem, supporting Dialog’s vision of making digital payments simpler, more accessible and more rewarding for every Sri Lankan. Customers can conveniently activate Dialog Pay using their eZ Cash account or by linking their preferred bank account, enabling them to make secure LankaQR payments, transfer funds, access their digital wallet, open savings accounts and fixed deposits, and apply for loans powered by Dialog Finance. Accepted across more than 100,000 retail outlets nationwide, Dialog Pay rewards eligible QR payments with complimentary Dialog data, encouraging greater everyday adoption while supporting Sri Lanka’s continued transition towards a more digitally connected and cash-light economy.

World Rankings Competition status places Colombo Marathon on the World Athletics Global Calendar, marking a significant milestone for Sri Lankan athletics as preparations advance

Organised by the Ministry of Youth Affairs and Sports, the Colombo Marathon 2026 has achieved a significant milestone for Sri Lankan athletics, with its application validated by World Athletics and the competition registered for publication on the World Athletics Global Calendar as a World Rankings Competition.

The Colombo Marathon 2026 will take place on 13 September 2026 at Baladaksha Mawatha, with the race starting at 6.00 a.m. More than 4,000 local and international participants are expected to take part across four categories: the Full Marathon (42 km), Half Marathon (21 km), 10 km Road Race and 5 km Fun Run.

The recognition gives the marathon international competitive status, with performances from the event eligible to contribute towards the official World Athletics World Rankings, subject to the applicable requirements. For Sri Lankan athletes, it creates an opportunity to compete in a globally recognised ranking competition on home ground, while giving international athletes another recognised race on the global calendar.

The development comes as preparations gather pace, with technical planning now focused on ensuring that the race delivers the standards expected of a World Rankings Competition. A key area of preparation is the technical management and measurement of the course. International technical expertise is being brought together with Sri Lankan officials as the organisers work towards ensuring that the course and race arrangements meet the requirements associated with the event’s World Athletics status.

More than 100 qualified officials from Sri Lanka Athletics will support the conduct of the race, with preparations also involving the Department of Sports Development, Sri Lanka Athletics and the Institute of Sports Medicine. The technical work covers course measurement, technical officiating, athlete safety, medical preparedness and race-day operations, ensuring that the standard of its on-the-ground delivery matches the international recognition secured by the event.

‘Being recognised as a World Rankings Competition and included on the World Athletics Global Calendar is a significant milestone for Sri Lankan athletics. It allows our athletes to compete on home ground at a globally recognised event, while placing Colombo firmly on the international road-running map,’ said Youth Affairs and Sports Minister Sunil Gamage,

The recognition also strengthens the Colombo Marathon’s potential to attract international participation and support Colombo’s wider ambitions as a destination for sports tourism, while allowing Sri Lankan athletes to compete within a globally recognised competitive environment without travelling overseas.

As the countdown continues, the focus now is on translating the recognition achieved through the World Athletics Global Calendar into a technically sound and professionally delivered race, with Colombo preparing to welcome athletes from Sri Lanka and overseas.

Colombo Marathon 2026 is organised by the Ministry of Youth Affairs and Sports together with the National Olympic Committee of Sri Lanka. The event is presented by Union Assurance, powered by Elephant House, supported by Nations Trust Bank and City of Dreams Sri Lanka, with Rupavahini as the Official Media Partner, DC Group as the Creative Partner, Nestomalt as the Energised Partner and IPG Group as the Sports Innovation Partner.