China’s Sinopec pledges to invest in H’tota; to build refinery

China’s Sinopec, which is also known as China Petrochemical Corporation, has pledged to invest in Hambantota, the President’s Media Division (PMD) said.

President Ranil Wickremesinghe yesterday met with the representatives from Sinopec, at the President’s Office and conveyed to them that his government had identified Hambantota as a primary energy hub. 

During the discussions, Sinopec conveyed its readiness to fully finance the construction of the refinery in 
Hambantota, the PMD said.

The representatives also stated that their company is prepared to respond to Sri Lanka’s future energy sector needs, in line with the aspirations of the country.

They also presented their proposal to the president, who spoke about the import, storage and distribution of petroleum products.

The Chinese Embassy in Sri Lanka tweeted that the delegates are in the country to enhance cooperation and further investment on petroleum and chemicals, trade and port and industrial park operation. Sinopec is the largest oil refining company and the third largest chemical company in the world. It is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China.