Sinopec enters the Sri Lankan market
The Chinese energy company has received a 20-year license to import and sell fuels in Sri Lanka.
Sri Lanka has singed a deal with China Petroleum & Chemical Corp. (Sinopec) adding it to the country’s retail fuel suppliers, the president’s office said.
The agreement comes after the government opened up to foreign fuel retailers to tackle the shortages the country is currently suffering.
China state-owned Sinopec through Sinopec Fuel Oil Lanka (Pvt.) Ltd. can now import and sell petroleum products to the Sri Lankan market in a 20-year deal.
Sinopec will be able to use 150 existing fuel stations and it has the right to develop 50 new stations, according to Global Times. The energy giants is expected to begin operations within 45 days of obtaining the license.
The government in March approved in principle the entry of Chinese, Australian and U.S. oil giants into the local retail market, with Sinopec the first off the block.
