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JVP leader Anura Kumara Dissanayake yesterday charged that an agreement between Sri Lanka and a US-based firm which allows the latter to take over the operations of the Yugadanavi Power Plant in Kerawalapitiya and its supply and storage facilities poses a threat to the country's economy and national security.

Addressing the press at the JVP Headquarters, he said that Cabinet approval had been obtained on Monday (12) to hand over 40% shares of the Yugadanavi Power Plant to a US Company.

"The Treasury Secretary had signed an agreement with the New York-based gas-to-power developer New Fortress Energy to construct a new offshore LNG terminal," he disclosed.

Currently, its shares belong to the Treasury and four other state institutions.

The Kerawalapitiya Power Plant consists of 300 MW in operation today and is ultimately expected to grow to over 1,000 MW by 2025 according to this plan, Dissanayake said, adding the power plant will eventually become the largest in Sri Lanka and 40% stake is to be given to a US firm.

“This is the latest instance of the government selling off the country’s assets to super powers. This has become part of the foreign policy of the incumbent government. It sells off the assets to China, India and the US from time to time. The Colombo Port City Economic Commission Act which was recently passed in the Parliament has given a lot of power to a Chinese company and now there are discussions ongoing to hand over the oil tanks in Trincomalee and its harbour to India," he added.