Thursday, April 18, 2024

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Cabinet grants approval to SINOPEC for refinery project in Hambantota

Colombo (LNW): China Petroleum and Chemical Corporation (SINOPEC) is set to be awarded the contract for establishing a new petroleum refinery and associated product processing centre in Hambantota, announced Power and Energy Minister Kanchana Wijesekera.

Cabinet approval was granted for the contract with SINOPEC to build the refinery. The $4.5-billion project is part of China’s Belt and Road Initiative and follows previous Chinese investments, including a 99-year lease at Hambantota port and a logistics and storage hub in Colombo port.

“Cabinet approval was granted today to award the contract to China Petroleum & Chemical Corporation (SINOPEC) of China, to enter into an agreement to establish a new Petroleum Refinery & Associated Product Processing centre in Hambantota,” the Minister wrote on his official X handle.

SINOPEC, the world’s top refinery and a major petrochemical maker, aims to expand its footprint beyond China through this venture.

The company will initiate the engineering design process after obtaining official approval, potentially targeting markets beyond Sri Lanka and leveraging its partnership with China Merchants Port to expand bunker fuel supply at Hambantota.

The move aligns with Beijing’s broader goal of enhancing global trade infrastructure.

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