Oman’s Ministry of Oil and Gas has signed a $3.85 billion deal with India’s Accord Group to establish an oil refinery in Sri Lanka, Reuters reported.

The refinery will have a production capacity of 200,000 barrels per day (b/d) and is expected to produce nine million metric tonnes of refined products, which will be exported from the Hambantota port.

Construction is expected to commence on March 24 and be completed after 44 months, around three and a half years.

The refinery will span across 585 acres, close to the site of the new Hambantota international port and a related industrial zone near the southern coast.