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.