Sri Lanka inks deal with Sinopec for US$3.7bn refinery

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka has signed an agreement with Sinopec, which will see the Chinese International Petroleum Corporation invest 3.7 billion dollars for the construction of a state-of-the-art oil refinery with a capacity of 200,000 barrels in Hambantota.

A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake said, adding “This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area.”

He also noted that the benefits of the project were anticipated to positively impact the overall Sri Lankan population in the near future.

-economynext.com

Editor_1
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