Sinopec to make SL’s largest FDI in recent times entering refinery biz.
Sinopec China will make what would be Sri Lanka’s largest FDI in recent times when they enter refinery operations in Sri Lanka, said Minister of Power and Energy Kanchana Wijesekera at an event where Sinopec announced its official entry into Sri Lanka’s dynamic fuel retail market in Colombo. A felicitation event for local distributors followed.
He said that this will be announced and an agreement signed in October when President Ranil Wickremesinghe visits the People’s Republic of China. “The refinery operations will also strengthen the energy operation between the two countries, opening up another door to the energy market.”
The Minister said that the entry of foreign players to the local petroleum market has helped Sri Lanka to lower its fuel import bill and it has also led to a positive change of the landscape of local fuel business. The Minister recalled that it was ironic that it was the then Prime Minister and now President Ranil Wickremesinghe that first called to liberalize the petroleum sector inviting foreign players.
“But unfortunately after the change of government in 2004, even though Sinopec was shortlisted to be one of the companies to take part in the petroleum industry they could not take part because of the political changes and other policy changes that followed.However now this has become a reality after 20 years also when Wickremesinghe is President.”
With the entry, Sinopec committed to giving full play to its advantages, providing stable, sustained and high-quality oil products to the country, growing together with the distributors, and contributing significantly to the nation’s economic development and energy stability.
Under the agreement inked between Sinopec and the Ministry of Power and Energy of Sri Lanka, Sinopec has secured a 20-year license to franchise 150 existing filling stations throughout Sri Lanka and invest in an additional 50 filling stations. Sinopec will continue to enhance its ability to serve the whole process of local procurement, storage, distribution, and sales of oil products to empower the people of Sri Lanka for a better life.
Renowned as the world’s largest fuel refining company, boasting an annual production capacity exceeding 250 million tons.
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