31 August 2023 10:06 am Views - 6977
Sinopec Energy Lanka - the operating entity of Sinopec Group has officially commenced business operation and started fuel supply at its first franchising filling station in Mattegoda, Colombo, a statement from the company said.
This has taken a significant step towards enhancing Sri Lanka's energy landscape.
Sinopec initiated the first round of market promotion measures with a pump discount of Rs.3 per liter for petrol and diesel. Its supply plan is in motion to progressively hand over all 150 filling stations to Sinopec's management before October.
Under the signing of the Long Term Contract of Importation, Storage, Distribution, and Sale of Petroleum Products in Sri Lanka with the Ministry of Power and Energy on May, Sinopec has been granted a 20-year license to operate 150 fuel stations and will also be able to invest in 50 new fuel stations in July.
Following the arrival of its first two consignments of quality petroleum products at the Colombo Port in early August, Sinopec successfully completed the Dealer Supply Agreements before commencing full commercial operations, signaling the launch of the supply chain that serves 150 filling stations across the island.
Sinopec's entry into the Sri Lankan market holds significance beyond its energy offerings. The partnership between Sinopec and the Government of Sri Lanka is poised to alleviate pressure on Sri Lanka's foreign exchange reserves, contributing positively to the country's economic stability and growth. This endeavor also aligns with the broader objectives of the Sri Lanka Energy Reform, contributing to the country's energy security, accessibility, and sustainability.
"We are honored to mark the official launch of Sinopec's business operations in Sri Lanka through the handover of our very first franchise filling station," commented by the CEO of Sinopec Energy Lanka, "Sinopec upholds its commitment to provide stable supply to the market, and to creating value for our partner and the customer."