Sinopec likely to enter Lankan fuel market

8 August 2022 12:01 am Views - {{hitsCtrl.values.hits}} 17 Bookmark

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Sinopec, the biggest petrochemical company in China, is likely to enter Sri Lankan market for fuel importing, distribution and selling petroleum products, informed sources said.

Cabinet of Ministers in June approved a proposal to allow more companies from oil-producing nations to import oil and start retail operations in Sri Lanka.

The proposal, prompted by severe foreign exchange shortage, was tabled by Power and Energy Minister Kanchana Wijesekera.

At present, 90 percent of Sri Lanka’s fuel supply is through the State-owned Ceylon Petroleum Corporation, and the remaining 10 percent by Lanka IOC.

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.

Comments - 17

Rasika Monday, 08 August 2022 04:53 AM

Sri lanka is screwed, these thieves will sell the country to any bidder who lineup their pockets.

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Lanka Wijesinghe Monday, 08 August 2022 08:14 AM

Our Mother Sri Lanka is going to depend on other countries for everything, Fuel, Food, Medicine, and even underwear. What a pathetic end the country had been drawn to by stupid, corrupt, uneducated politics.?

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SAM Monday, 08 August 2022 09:28 AM

First and foremost mindset of the people has to be changed as anyway we have to depend on other countries such as fuel etc which is not avail present. It would be more advantage of having global suppliers such as Carltex, BP etc in the fuel market.

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sam Monday, 08 August 2022 08:23 AM

Politics opposed to UNP had to sweat to nationalise oil companies. The same politics is reversing that effort now. What did the country gain?

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WTH Monday, 08 August 2022 09:08 AM

More competition the better I guess

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Karalasingam Sivalingam Monday, 08 August 2022 09:26 AM

Excellent move Kanjana. You are doing well. Congrats.

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Neil Monday, 08 August 2022 12:22 PM

I agree, good move. For rapid development, the Govt. needs to relinquish state controlled enterprises and open up the market to the private sector.

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arya Monday, 08 August 2022 09:36 AM

why don't you improve and operate Sapugakanada refinery instead

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Gam rala Monday, 08 August 2022 10:01 AM

Good we need super power competition. Geo political competition will give us fuel lowest cost

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NIghtOwl Monday, 08 August 2022 10:08 AM

Include EV charging stations as a part of the requirement.

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NIHAL Dharmatileke Monday, 08 August 2022 11:31 AM

Letting Chinese enter in to commercial sector can be seen as "releasing an eel in to water then try to catch it" Chinese are merchants according to history so they will strangle anyone in their way see what is happening in Australia

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sam Monday, 08 August 2022 01:35 PM

Preference should be given to internationally proven companies such as Caltex Shell. Should not get into a rut.

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Joseph Monday, 08 August 2022 01:42 PM

More coopetition more fuel at competitive prices

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Sethuraman Tuesday, 09 August 2022 12:16 PM

I see many compatriots dreaming about lowered fuel prices, which is never going to happen, in fact it should not happen. But what Sinopec outlets will do is to increase the chance of fuel availability in the future. Good for users, but what are the terms which CCP will impose over this is to be seen.

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AZOOR Junaideen Wednesday, 10 August 2022 03:16 AM

Mr Petroleum Minister you are getting into the Chinese trap. Why not open up for reputed suppliers like BP She’ll Caltex . Is it because they have refrained from paying commission to you Pohottuwa Pollies???

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For separate new state owned oil Friday, 12 August 2022 10:46 PM

About time China given opportunity to show good prices. Too long India has monopoly. Lanka IOC got inroads into Sri Lanka 2002, but like all other Indian company and of course private company, IOC only look after their shareholder interest. In Singapore they have four government owned taxi company compete with each other. Creating a separate new state owned oil company is another way to bring competition.

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For consumer Friday, 12 August 2022 10:48 PM

Anyway to get more petrol and diesel into our country. Ceypetco can't take handle the money crunch the CEB hit it up with. Hope the new Sinopec and succeed and venture further into Gas too.

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