China’s Sinopec group to build oil refinery in Hambantota

China’s Sinopec has offered to fully finance the construction of a refinery in Hambantota, the President’s Media Division said.

During a discussion with representatives of the Sinopec Group held at the Presidential Secretariat recently President Ranil Wickremesinghe said that the Government has taken a principled decision to expand the distribution of fuel which is expected to commence shortly.

The representatives from the Sinopec Group confirmed their readiness to invest in the import, storage, distribution, and marketing of fuel to cater to Sri Lanka’s energy requirements.

The representatives informed the Sri Lankan Government that their organization has adhered to the existing system and has applied accordingly. They further conveyed their readiness to fully finance the construction of a refinery in Hambantota, which has been identified as a central energy hub by the Government.

Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.

They also presented their proposal to the President who spoke about the import, storage and distribution of petroleum products.

Expressing his views, President Ranil Wickremesinghe further stated that Sri Lanka expects rapid development following the program with the International Monetary Fund.

President Wickremesinghe also expressed his desire to promote and attract foreign businesses to operate within the country in the future.

Sri Lanka’s Hambantota International Port where China’s Sinopec is already selling very low sulfur fuel oil wholesale, will soon offer marine gas oil, strengthening its position as a marine fuels supply point, a statement said.

“In order to further develop HIP as a competitive marine bunker supply location, we entered into a strategic partnership with Sinopec Fuel Oil Lanka Limited (SFOL) to provide bunkering services as a wholesale exporter and also service vessels calling HIP as a value added service.

“Sinopec with their vast resources guarantees the supply of VLSFO in Hambantota currently and MGO in the near future, enabling the port to service all vessels plying the principal sea route in the Indian Ocean,” Hambantota International Port Group said.

Sinopec Fuel Oil Lanka Limited (SFOL) is also supplying wholesale bunkers to other bunkering companies based in Sri Lanka.