Sinopec, BOI sign agreement for fuel distribution in Sri Lanka

Sinopec Energy Lanka (Pvt) Ltd and the Board of Investment of Sri Lanka (BOI) signed an agreement today to operate and set up fuel stations for distribution in Sri Lanka.

Sinopec has invested USD 100 million in the project, which includes the import, storage and sale of fuel, the BOI said.

The project will involve 150 privately-owned fuel outlets currently operated by the Ceylon Petroleum Corporation (CPC).

Additionally, 50 new fuel stations will be established. The agreement allows the project to operate for 20 years under the oversight of Sinopec Energy Lanka, in accordance with the Sri Lanka Board of Investment Act No. 17.

Sinopec will sell various petroleum products, including 92 and 95 Octane petrol, 500 PPM diesel, diesel 10 COPPM, petroleum jet fuel, and other diesel and petroleum products.

The existing agreement between Sinopec and the Ministry of Power and Energy signed in May will remain unchanged.