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Sri Lanka's Ministry of Energy and Sinopec signed an agreement for $3.7 billion investment to construct an oil refinery with a capacity of 200,000 barrels in the Hambantota region.
Under this $3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region, President’s Media Division (PMD) said.
A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings.
This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area.
Moreover, the benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future.
The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.
Sokrates Thursday, 16 January 2025 12:42 PM
Have you still not had enough of Chinese junk like the coal-fired power plant, railway bridges and so on, which was never state-of-the-art. Either the Sri Lankan decision makers are extremely stupid or the corruption is starting again. Even if Sinopec takes over the full investment, Sri Lanka provides the land and infrastructure. A refinery is a very sensitive project due to the environmental protection, which cannot be left to a Chinese company. Furthermore, Sri Lankan workers will certainly not be employed by the Chinese and, as usual, all construction machinery and materials will be brought in from China. As always, this is not a win-win project with the Chinese.
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martin Thursday, 16 January 2025 05:02 PM
Without the Chinese coal power plant, half the country would be in dark. Its our coal power plant that's holding the base load of the demand 900MW not toy win mills or solar panels
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Namal Friday, 17 January 2025 04:04 AM
Who pays for the yearly multi million repairs ? We pay for the repairs get alternate power supplies from corrupt private suppliers . Are you dump that you still don't understand t was made of corroded metal waste discarded by them.
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M Fernando Thursday, 16 January 2025 05:39 PM
Where is YOUR phone made ? How about your keyboard, monitor etc. Look around you There's practically nothing that is NOT made in China today. Our poor choices and greed are not China's fault.
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Mayuran Thursday, 16 January 2025 08:29 PM
Very true, our development is being hampered by these substandard products and yet we are happy to move into this trap when we see the $$$$. We never learn and will never come out of these debt traps
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ඉස්සර නරකයි දැන් හොඳා... යි Friday, 17 January 2025 09:29 AM
NPP is extremely talented in criticizing others but when they do the same thing, it's all OK. I saw a series of videos in which AKD keeps ranting China. I have serious doubts about the Saint act he is putting in front of Chinese authorities now.
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sampath Thursday, 16 January 2025 12:55 PM
Already this was started in 2019, by previous govt. NPP recycling deals!
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Jayampathi Friday, 17 January 2025 08:41 AM
This was initiated by previous governments. In November 2023, the Sri Lankan Government granted approval to Sinopec for this Project. A feasibility study was conducted and completed by June 2024. Those days trade unions led by the JVP within the state petroleum corporation protested against the project. The current government has finalized and signed the agreement, building upon the groundwork laid by the Wickramasinghe administration. Overall, this represents a significant Foreign Direct Investment (FDI) for our country.
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Mahila Friday, 17 January 2025 09:20 AM
The credit should go to Kanchana and initiative to RW in getting private participants in Fuel Industry!? At that time these jokers were alluding that KW
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Mizaru Thursday, 16 January 2025 12:59 PM
I visited for the "Malimawa". I want to know the fine print included in these agreements. Of course I do not expect any under table deals like Rainl's "Wadas" did.
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slcitizen Thursday, 16 January 2025 01:09 PM
Port, airport, exclusive administrative area, communication tower, highways and oil.. What can't they do now from SL you know what..
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WE THE PEOPLE NEED TO KEEP PRAYING Thursday, 16 January 2025 05:05 PM
SLCITIZEN, WE ALL KNOW THEIR COMPANIES HAVE BEEN SUCKING UP TO POLITICIANS AND HANDING OUT $$$ COMMISSIONS. ALSO WE KNOW EXACTLY WHY CHINA SELECTED HAMBANTOTA FOR THESE PROJECTS, NOW IT IS A WAITING GAME FOR THE COUNTRY AND ITS PEOPLE TO SEE THE END RESULT OF CHINA GETTING INVOLVED IN THE ABOVE MENTIONED PROJECTS!!!. AS THEY HAVE OPENLY TOLD THE WORLD OF THEIR INTENTIONS IN THE NEAR FUTURE.
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Zarook Thursday, 16 January 2025 01:14 PM
Most of materials, equipment and labour will come from China and real foreign currency inflow to SL would be miniscule.
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Iwazaru Thursday, 16 January 2025 04:13 PM
Please read the article before commenting. The is an investment not a loan or grant. Sri Lanka will make money by exporting refined petroleum products. It may in the form of a tax. Sri Lanka will not need to import refined petroleum products as it is now done and save on foreign exchange.
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Mizaru Thursday, 16 January 2025 04:26 PM
Foregine Direct Investment (FDI). Yes, most of it will come from China and the Sri Lanka government need to provide land and to some extent labour. Sri Lanka does not have the know how in building a petroleum refinery. The aging one Sri Lana has was a grant from Russia and built by them.
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Ranga Thursday, 16 January 2025 06:04 PM
People commenting here don't understand two things It's a private investment and they invest in our land Second the job creation Third exports People in SL are lacking basic knowledge
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Marx Thursday, 16 January 2025 09:10 PM
So were the great Mahaweli projects received from western donors
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Happy YOUTH Thursday, 16 January 2025 01:14 PM
GREAT
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Priyan66 Thursday, 16 January 2025 01:16 PM
Very Good ! We need investments , not loans
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Lanka Thursday, 16 January 2025 01:30 PM
Well done: we hope and pray that our country fast develops and grows its economy : this trip brings many more good fortunes and dealings useful for both: as long as our sovereignty is not challenged or threatened or damaged we should get on well with all nations with a mind set to develop this country: our potentiality is not explored and used right way both our human and natural resources and their potentials . We are small nations but big hearts and greater potentials but we never use them : now , our country is at a turning point : I don’t care if it is NPP or UNP or SLPP or SJB or any other party but we must have one goal : that is to bring this country forward and develop it within next 10 years : 10 years are good enough today if we really want to see any progress : if not , next generations will curse all our politicians: that is for sure : Your trip is done in public fund and make sure each penny is used for goodness of our people and country.
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joshua Thursday, 16 January 2025 01:32 PM
Great news
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Kapila B Thursday, 16 January 2025 01:33 PM
Well done , Sri Lanka and President . Good for Sri Lanka .
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saman Thursday, 16 January 2025 01:43 PM
Job Well done. Long awaited project. But see that the country is also served while you plan exports (feeding aircrafts etc.) and feeding ships passing through the southern sea of Sri Lanka
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Lion Thursday, 16 January 2025 01:55 PM
Well done Mr president and we could remember how you criticized the investment to built Hambanthota air port instead of building an oil refinery by the Rajapaksa government at almost every presidential election meetings . So your dream has come true benifiti our country and the nation
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Jay Thursday, 16 January 2025 05:08 PM
Next will be the Tamil drama of taking over Sri lanka with help of jvp Who is that jvp" justice minister, which spy appointed him as justice minister
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Be Fair Thursday, 16 January 2025 02:35 PM
This is a MR Era project, now sans the kickbacks
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NV Jen Thursday, 16 January 2025 03:06 PM
Good. Hope this has been secured directly between govt. to govt., and no broker or middleman is involved.
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Suhada malli Thursday, 16 January 2025 03:13 PM
The Sinopec OIl refinery was a done deal by Ranil W govt. go to google and type Ranil govt signs sinopec oil refinery feb 2024)... and you will see enough evidence that this is a RW era achievement for which Boru kiyana AKD/NPP combination is trying to take the credit. THis govt is breaking our hearts and confirming that we who voted for Gota and was served grass and punnakku (by JVP supporters) when SLPP supporters bus loads went for the 2023 SLPP convention ultimately voted for the NPP. So NPP knows they have a bunch of donkeys. Actually 6.8m donkeys who voted for them. Api Wemu Booruwo Samithiya
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M Fernando Friday, 17 January 2025 02:44 AM
Yes, Volkswagen, Starlink .. Kurunegala Vehicle Assembly Plant, all RW projects that became reality. Next you will be saying that garbage pickup in Colombo suburbs also a RW brainchild !
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Baila Champions Thursday, 16 January 2025 03:17 PM
NPP is the National Pacha Party. AKD is Asathya Kiyana Dissanayake. We better forget the system change with such liers. This is a very old transaction where 6 parties bidded and finally when a Singaporean party pulled out only SINOPEC was left to be awarded (around 2023 and 2024)
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Gokula Siripathiarachchi Thursday, 16 January 2025 03:18 PM
Oh oh..here we go again..more Chinese funded peojects. AKD Must be transparent about the terms. I am sure the Chinese investors will want their 2 piunds of flesh at some point. This looks like a dangerous path the NPP is going down...
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QUESTIONS, QUESTIONS AND MORE QUESTIONS Thursday, 16 January 2025 09:05 PM
WE THE PEOPLE HEAR YOU. PART OF 10% WOULD HAVE BEEN DOLED OUT PRIOR OR ONCE RANIL SIGNED. IF RANIL SIGNED WHY ARE WE TALKING ABOUT ANURA APPROVING HIGHEST FDI FROM CHINA'S SINOPEC NOW?. OBVIOUSLY IT WAS DISCUSSED AND AGREED UPON ON IN 24, BUT NOT SIGNED. RW MUST HAVE THOGUHT HE WILL COME IN AS PRESIDENT, FORTUNATELY FOR US HE DIDN'T. NOW WE CAN ASK IF SINGAPORE WITHDREW, WHY DID THEY? AND WAS SINGAPORE APPROACHED ABOUT RETHINKING THEIR DECISION ONCE ANURA/NPP CAME INTO POWER?. HOW COME IT IS MOST OFTEN THAN NOT CHINA WINS TENDERS?. HOW DO WE KNOW IF THIS FIGURE IS INFLATED TO HOODWINK THE GOVT, WHEREAS ACTUAL MONEY SPENT IN CONSTRUCTION WILL BE FAR LESS. WHO IS MONITORING THE COST FACTOR AND WHO WAS IN CHARGE TO HAVE GONE THROUGH THE BILL OF QTYS TO REALLY SEE IF TOTAL COST IS TALLYING WHERE BUILDING MATERIAL IS CONCERNED?. WHO IS RESPONSIBLE FOR CHECKING THE QUALITY/SPECIFICATIONS OF THE MATERIAL TO BE USED IN CONSTRUCTION? LOCAL ARCHITECT FIRM OR NO MONITORING?
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Gerard Thursday, 16 January 2025 03:22 PM
I believe these oil tankers would be coming to Hambanthota port, which has been castigated as a huge waste of money and labeled as a 'white elephant'? And this is the same port that was sold back to the Chinese by the yahapalana goons? Now it is going to vital for a major development project. How vile, stupid and self-serving Sri Lankan politicians are. Most of the benefits of this project will definitely accrue to the Chinese as they own the port.
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Yohan Thursday, 16 January 2025 03:26 PM
Thia was an approved project during last government when Kanchana was the minister. Nothing new and this government just ride on the some of the good things done by previous government without giving credit to the person or government that got the projct secured. Check some of the old news posts and truth will come out. So another lie by no plan party government exposed. Lol
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Dr. Dee esquire Thursday, 16 January 2025 03:44 PM
Thank you NPP government for continuing the good initiatives of the RW and previous governments! You guys are good at this. Continue the good work started years ago!
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ronikailadasa Thursday, 16 January 2025 04:07 PM
Well, Done AKD, NPP and JVP for bringing in this investment. Now be prepared to allow so called Chinese research vessels to freely enter our waters in the pretext of carrying crude oil and antagonize India. The consequences could be damaging, as India was a genuine good Samaritan when we in dire straits. The technology that India possess in collaboration with USA will pick these spy vessels without difficulty.
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Mk Thursday, 16 January 2025 04:56 PM
MR project. Also, now people are realising the importance of the Htota harbour. Sri lankans are a joke.
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DPerera Thursday, 16 January 2025 05:01 PM
Another full scale deceit by NPP government! This project was planned and agreed during RW government in 2023-24. Now after signing the deal NPP trying to get full credit without even mentioning the work done by previous government.
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RanjithT Thursday, 16 January 2025 05:08 PM
It is a start for FDI and good. However one should not get carried away thinking that SL will get money. No it is a project investment. Note that such a project will take an average of 4 to 5 years from stage of drawings to commissioning. If all fine prints are sorted out and pre project activities are completed the clock starts from that point on-wards. Let us keep our fingers crossed hoping that project will start at least by 2027 and will be completed by 2031/32
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Ravi Thursday, 16 January 2025 05:49 PM
What are the terms of the agreement that was signed. China will bring all the plant and machinery, and the labour to set it up. Also they will bring the 200,000 barrels of oil for refining and will take the refined products and sell it at a profit to Sri Lanka. It will be mostly manned by the Chinese with a sprinkling of Sri Lankan labour. The loan for the project will have to be paid by the Sri Lankan government. Plus the Sri Lankan government will be buying the process oil for local consumption with Dollars. Same deal as the Lotus tower project. I thought these guys were little bit better than the earlier lot. This is a joke.
2 5
Prabhath Perera Thursday, 16 January 2025 07:37 PM
What have we given to Chinese in return??
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M Fernando Friday, 17 January 2025 02:46 AM
Something very important to them. A link in their Belt-Road Initiative.
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Mohan Thursday, 16 January 2025 08:01 PM
FDI is good, but at a time the world needs to move away from fossil fuel, Shouldn't we focus on renewable energy projects like wind and solar? Our projects should be far sighted...
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Citizen Thursday, 16 January 2025 08:26 PM
It would be a real game changer project if $3.7Bn is flown directly to SL reserves and consume that money for this project. That would reduce the pressure on foreign exchange and appreciate LKR where all the people of the country would share the benefits.
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Krishan Emmanuel Thursday, 16 January 2025 08:54 PM
Most of the countries abandoned petroleum. What is the return of investment? Can we export the end product to China? Does China allow Sri Lankans to work?
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M Fernando Friday, 17 January 2025 02:45 AM
Who are the most countries that have abandoned petroleum ?
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kamal Thursday, 16 January 2025 09:08 PM
This was not new. Refinery was in the works during MR government
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RP Thursday, 16 January 2025 10:15 PM
Hopefully, the local construction firms and locals will get a share of the construction. No more lame excuse that Chinese Construction Engineers only comfortable speaking in "Manadarin" crap! How about the impact to the local environment? Trust, authorities have consulted our "Environment Professionals"! Finally, thanks to Kanchana and the previous gov't for all the hard work!!!!!
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Dr Tissa Fernando Friday, 17 January 2025 01:20 AM
The majority of the negative comments here are from typical Sri Lankan ‘modayos’ who are uneducated but assume they know everything.
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Average human Saturday, 18 January 2025 12:17 AM
Interesting comment, I hope you are doing well. In a democracy people may think differently meaning one person's smart idea may look dumb to another, but we all should be willing to agree to disagree and debate about things, which eventually makes all of us better. Honestly I truly believe present government lack vision and miles behind with strategy to RW. This project was discussed for a long time, and it is not new, parse through the reporting and discussions. In an ethical world, credits should be given to who deserve it. RW and kanchana should be mentioned. Who brought sino pec to Sri Lanka? Think about it.
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S P Friday, 17 January 2025 01:29 AM
Typical Sri Lankan small mindedness and infighting. No matter we need not only this but many more similar foreign direct investments (FDIs) because come 2028 we will have to start paying back our colossal debt. We need the export oriented economy to be fully developed by then, without being limited to the very seasonal tourism and remittances. But for us - the ‘lazy’ Sri Lankans - what has become more important is whether the credit should go to AKD or RW! Obviously this was Kanchana’s project - the unsung young talent of the RW government, a guy who should have been in the parliament instead of wasting his time at home!
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LMAO Friday, 17 January 2025 08:39 AM
Seems you also lack basic knowledge. Sinopec is not going to invest all that money to set up the refinery, export the product and give the proceeds to Sri Lanka. Sinopec is going to make money, not Sri Lanka.
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Mybiz35@gmail.com Saturday, 18 January 2025 03:41 AM
Do you know what is FDI? Don't spread wrong info. FDI is very important for economic improvement
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Terrence K Friday, 17 January 2025 09:00 AM
@Yohan - What you say is correct. The accolades should go to RW and his team. The JVP/NPP are trying to get credit for the things that they have not done but when there is a scarcity of essential items or when there are backlogs at the ports in the clearance of containers as well as when ships are turned away these fellows will lay the blame on the previous governments in power. Always the ball game of the JVP/NPP is passing the buck and also making promises which they cannot fulfill . It will not be long when the voters who brought these fellows (boasters and liars) to power will kick their backsides never to return like the one which happened to Gota!!!!!!!!!
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