The deadline for bids is April 3 with the decision on the successful bidder being made by June 20.
The MEPA intends to implement the project on a finance, design, construct, operate and maintain basis under a Public-Private Partnership project.
The investor has to operate and maintain the facility for a period of not less than twenty years.
The MEPA had called for proposals earlier but found the bids unsatisfactory, officials said. The Marine Environment Protection Authority (MEPA) said the facility is required for the reception, processing and disposal of waste oil and other waste from ships calling at Sri Lankan ports and passing through her territorial waters.
It could also be required to collect waste oil from operators engaged in petroleum exploration and development in Sri Lanka.
"The project company shall be eligible to collect a fee from all shippers and operators for the purpose of reception of waste oil and ship waste," according to the call for proposals made by the i