In June, the Cabinet of Ministers approved a proposal to allow more companies from oil-producing nations to import oil and start retail operations in Sri Lanka.
Sinopec is already present at the Port of Hambantota where it operates an oil depot. The Hambantota tank farm was issued the FSS certification (Fitness for Service) by Lloyd’s Register in April 2020.
India owned Lanka IOC dominates only 10% of Sri Lanka's fuel distribution market while the 90% majority is dominated by the state owned Ceylon Petroleum Corporation.
It is said that Sinopec is bidding to secure 12% - 15% of the market.
Yesterday (08), it was also reported that the Ministry of Power and Energy granted approval to Lanka Indian Oil Company (LIOC) to open 50 more petrol stations in Sri Lanka.
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