By Adolf
According to newspapers, Sri Lanka has signed a landmark $3.7 billion deal with the Chinese state oil giant Sinopec. A former energy ministry official told LNW that while it is claimed the country secured its biggest-ever foreign investment through this deal, officials confirmed the agreement with Sinopec on Thursday.
Former President Ranil Wickremesinghe had held discussions with Sinopec Group Chairman Ma Yongsheng and top executives in Beijing during his official visit in 2023 to address issues related to the oil refinery project in Sri Lanka and work toward closing the deal. The project is currently ongoing, with 600 acres of land already earmarked and allocated to the Chinese company for soil testing and other preliminary work.
However, due to the Presidential election, the agreements and concessions could not be finalized, the official noted. He emphasized that completing the project is a critical step for Sri Lanka’s energy sector and remarked that it is not an entirely new initiative.
Former President Ranil Wickremesinghe with the Sinopec Group Chairman Ma Yongsheng.
