Chinese oil giant Sinopec likely to enter Sri Lankan fuel market

Sri Lanka
By Editor_1
-theprint.in

BEIJING – As Sri Lanka continues to remain in the Chinese debt trap, the biggest petrochemical company in China, Sinopec, is likely to start retail operations in the country’s fuel market, Sri Lankan media said citing sources.

Reports said Sinopec was likely to enter Sri Lankan market for importing, distributing and selling petroleum products.  This follows the June approval by the Cabinet of proposal by Power and Energy Minister Kanchana Wijesekera to allow more companies from oil-producing nations to start retail operations in Sri Lanka.

The economy of the country is bracing for a sharp contraction due to the unavailability of basic inputs for production, an 80% depreciation of the currency since March 2022, coupled into a lack of foreign reserves, and the country’s failure to meet its international debt obligations.

The decision to let the Chinese concern to enter Sri Lanka’s fuel retail operations is prompted by a severe foreign exchange shortage. At present, 90% of Sri Lanka’s fuel supply is through the State-owned Ceylon Petroleum Corporation, and the remaining 10% by Lanka Indian Oil Corporation (LIOC).

Sinopec is already present at the Port of Hambantota where it operates an oil depot.

Since the beginning of 2022, Sri Lanka has experienced an escalating economic crisis and the government has defaulted on its foreign loans. The United Nations warned that 5.7 million people “require immediate humanitarian assistance”.

-ANI

Editor_1
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