COLOMBO, March 12 (Xinhua) -- The Sri Lankan government said it signed an agreement with two Chinese companies on Monday for the construction of Hambantota Harbor in its deep south.

"Representatives of China Harbor Engineering Company Limited and Sino Hydro Corporation Limited and the Sri Lanka Ports Authority have signed agreement for the construction of Hambantota Harbor," the Department of Government Information said in a statement.

The total estimated cost for the construction of this project is 360 million U.S. dollars and the construction work is scheduled to commence within three months, the statement said.

Once the construction work of the port is completed it can produce 6,000 direct employment and 50,000 indirect employment opportunities while developing Hambanthota area.

During the first phase of the project, an industrial port with a 300-meter jetty and a dedicated oil terminal will be constructed at Hambantota and it will be expanded to a container handling port during the next two stages to handle 20 million containers per year.

The first phase of the project is expected to be completed within the next three years and the whole project is expected to be completed within 15 years.