China’s Sinopec to Begin Fuel Importation and Distribution in Sri Lanka, Opening 50 New Fuel Stations

Date:

State Minister of Investment Promotion, Dilum Amunugama, announced that China’s Sinopec Company is set to commence the importation and distribution of fuel in Sri Lanka, starting on Saturday (15). Additionally, the company plans to establish 50 new fuel stations across the country.

Under the agreement previously made between Sinopec Company and the Ceylon Petroleum Corporation, the necessary registration under the Board of Investment was completed, and related agreements were signed in Colombo on the previous day (14). This development signifies an important step in strengthening the energy sector in Sri Lanka and fostering closer economic ties between China and Sri Lanka.

The entry of Sinopec Company into the Sri Lankan fuel market is expected to enhance competition, improve fuel availability, and contribute to the country’s energy infrastructure. The opening of 50 new fuel stations will provide increased accessibility to fuel for the public and further stimulate economic growth.

This collaboration reflects the ongoing efforts to attract foreign investment and promote economic development in Sri Lanka, while expanding trade relations with China. The commencement of fuel importation and the establishment of additional fuel stations signify a positive development for Sri Lanka’s energy sector and the broader economy.

Share post:

spot_imgspot_img

Popular

More like this
Related

Sri Lanka’s BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sri Lanka's BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal