Colombo (LNW): Crisis-hit Sri Lanka has reportedly received an investment of about US$ 350 million (US$ 348 million) through renowned global petroleum producer Sinopec for its local operations, indicating the having of a potential impact on the island nation’s forex problem.
LNW came to learn of this information only a day after the announcement of Sri Lanka entering a contract agreement with the global petroleum producer for the importation, storage and sale of petroleum products in the country.
The contract agreement was inked between Secretary of the Ministry of Power and Energy M.P.D.U.K. Mapa Pathirana, and Managing Director of of the Fuel Production and Marketing Department of Sinopec Chen Chengmim, before President Ranil Wickremesinghe.
The reception of US$ 350 million for Sinopec operations may appear in the form of a grant for the crisis-hit island, making a considerable impact, analysts opined.