Agreement with SINOPEC on retail fuel sales to be signed mid-May.

Minister of Power and Energy Kanchana Wijesekera has stated that the Sinopec officials and technical experts have visited Sri Lanka to finalise the Agreement of retail fuel sales. Officials met with the Ministry yesterday (25 April) and had discussed the timeline and conditions of the Agreement. Many stakeholders has attended this discussion including officials from Board of Investment (BOI), Ceylon Petroleum Corporation (CPC), Ceylon Petroleum Storage Terminals Limited (CPSTL) and Central Bank of Sri Lank.

Minister further stated that parties decided to sign the agreement by mid-May. With the finalisation of the agreement operations on retail of fuel by Sinopec is expected to commence within 45 days.