NEWSSinopec to invest in an oil refinery in Hambantota

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