Sri Lanka, Sinopec sign agreement for USD 3.7 bln investment in oil refinery
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Sri Lanka has signed an agreement with Sinopec, which will see the Chinese international petroleum corporation invest 3.7 billion dollars in a state-of-the-art oil refinery with a capacity of 200,000 barrels, constructed in Hambantota.
A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake said.
“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.”
