by Rathindra Kuruwita in The Island, May 23, 2023
Sri Lanka yesterday signed a long-term contract with Sinopec Fuel Oil Lanka (Pvt) Ltd., to import, store, distribute, and sell petroleum products, the President’s Media Division (PMD) said.
The PMD said the contract was signed at the Presidential Secretariat and that the agreement was reached following the recommendations of a Cabinet-appointed special committee.
Sinopec Fuel Oil Lanka is a subsidiary of China Petroleum & Chemical Corporation (Sinopec), one of the largest oil and gas companies in the world.
The signing of this agreement is a significant step forward for Sri Lanka’s efforts to secure a reliable supply of petroleum products, the PMD said.
Meanwhile, Minister of Power and Energy Kanchana Wijesekara said the company was given a 20-year license to operate 150 fuel stations now operated by the Ceylon Petroleum Corporation (CPC).
Sinopec will also be allowed to invest in 50 new fuel stations and to invest in Sri Lanka’s energy sector, he said.https://island.lk/chinas-sinopec-formally-enters-lankan-fuel-market/
