Sri Lanka, Sinopec sign agreement for USD 3.7 bln investment in oil refinery

Sri Lanka’s Ministry of Power and Energy and China’s Sinopec Corporation have signed an agreement to build an oil refinery in Hambantota with an investment of USD 3.7 billion.

The agreement was signed during President Anura Kumara Dissanayake’s current state visit to China, marking the highest foreign investment secured by the government, the President’s Media Division (PMD) said.

The proposed oil refinery has a capacity of 200,000 barrels of oil, of which a significant amount is planned to be exported.

This massive investment received by Sri Lanka from China will contribute to the economic growth of the country as well as strengthening the livelihoods of the low-income people in the Hambantota area, and the entire Sri Lankan people very soon, the PMD said in a statement.

Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Ratnayake, Chinese Ambassador to Sri Lanka Qi Zhenhong, and Sri Lankan Ambassador to China Majintha Jayasinghe also participated in this event.