Cabinet green-lights $ 4 b Sinopec deal for new petroleum refinery in Hambantota

Tuesday, 28 November 2023 01:12 –      – 114

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The Cabinet of Ministers yesterday approved awarding the contract to China Petroleum and Chemical Corporation (SINOPEC) to forge an agreement for the establishment of a petroleum refinery and associated product processing centre in Hambantota.

Power and Energy Minister Kanchana Wijesekera announced the decision via ‘X’ yesterday.

The proposed refinery project is expected to invest a minimum of $ 4 billion to be built in the Industrial Zone at the Hambantota Port.

Sinopec, stands as the largest oil and petrochemical products supplier and the second-largest oil and gas producer in China, bringing its expertise to the table for this venture, signalling a strategic partnership between Sri Lanka and China.

The firm holds the distinction of being the largest refining company and the third-largest chemical company worldwide. The company’s extensive network comprises a large number of gas stations, ranking it second globally. In 2021, Sinopec secured the fifth spot on Fortune’s Global 500 List.