Industrial Asphalts (Ceylon) PLC ­ IAC ­ on behalf of the proposed IAC/Hiin Joint Venture has entered into a Memorandum of Understanding with Hambantota International Port Group (Private) Limited (HIPG) with an ultimate objective of establishing a Bitumen Tank Terminal at Hambantota International Port. The MoU will create the required environment to establish a fully integrated Bitumen Tank Farm within the premises of Hambantota International Port. The MoU will facilitate IAC along with its joint venture partner Hiin Holdings Pte Ltd. to work with HIPG to carry out /finalize the ongoing financial and technical studies to establish a fully integrated Bitumen Tank Farm at Hambantota International Port.

The commencement of the project is subject to signing a comprehensive agreement between IAC/Hiin and HIPG.