Sinopec to invest in an oil refinery in Hambantota

25 March 2023 10:33 am Views - {{hitsCtrl.values.hits}} 6 Bookmark

A A A

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.(Kelum Bandara)

Comments - 6

Jude Saturday, 25 March 2023 10:41 AM

Why not in Hambantota, they own the harbour and expand the horizon!!

0 0

Punchi Rala Saturday, 25 March 2023 11:16 AM

No one now talks about "Oil Drilling" in SL shores ?

0 0

Jayantha Saturday, 25 March 2023 12:20 PM

Privatize ceypecto or let it bankrupt if privatization is not possible with union thugs. This way government expenses can be cut down largely. Then all government institutes will have carefully use petroleum.

0 0

Aadilla Mushtaq Saturday, 25 March 2023 04:41 PM

China has already entrapped Sri Lanka for the Hambantota port, which is still in debt. Enabling China to reinvest will lead Sri Lanka into another trap. Sri Lanka should first focus on the previous debt policy and, with the assistance of other countries need to get free from Chinese ideology and its impact. It implies that Sri Lanka's administration lacks decision-making capacity. First, they led their economy drown, and now they are relying again on China which will lead to China's dominance over Sri Lanka.

0 0

Tissa Fernando Sunday, 26 March 2023 12:36 AM

Potential pollution of the environment.

0 0

Shivam Sunday, 26 March 2023 05:58 AM

This is good news .... Currently IOC is having kind of monopoly which India can use to threaten us. This will break that possibility

0 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.