Sinopec expands operations into SL’s fuel market with new contract agreement

• The contract agreement was signed yesterday at the Presidential Secretariat

Following the recommendations of the Cabinet Appointed Special Committee, negotiations have been completed with Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore for a long-term contract regarding the importation, storage, distribution, and sale of petroleum products in Sri Lanka, a statement from the President’s Media Division (PMD) said.   

The contract agreement was signed yesterday at the Presidential Secretariat.   

It will be the second foreign company to enter the local market. Currently, Lanka Indian Oil Company (LIOC) is engaged in retail fuel trading in Sri Lanka.