Sinopec, a Chinese company ranking fifth in the Fortune Global 500 list of 2022, is planning to invest in a multi-million oil refinery project in Hambantota, Daily Mirror learns.
Sinopec, is a state-owned Chinese oil company based in Beijing. The company is a “vertically integrated energy and chemical company that is engaged in oil and gas exploration and production.” The company currently offers bunkering services at the Hambantota port, which is also a Chinese investment.
A top delegation from the Sinopec Group and the China Merchants Group visited Sri Lanka recently to explore cooperation and further investment in petroleum chemicals, trade, and port and industrial park operation as announced by the Chinese Embassy in Colombo.
Negotiations are currently underway between the two sides on the proposed investment.
Meanwhile, Power and Energy Minister Kanchana Wijesekera said three global suppliers would enter the domestic retail market to bring about a healthy competition.
“Once the National Energy Committee gives its approval, it will be presented to the Cabinet,” he tweeted on Thursday.
Lanka Indian Oil Company is the only foreign company carrying out retain fuel trade in Sri Lanka at the moment.
(dailymirror)
