The China Petroleum and Chemical Corporation (SINOPEC) has been chosen to be awarded the contract for establishing a new petroleum refinery and associated product processing center in Hambantota, Minister of Power and Energy, Kanchana Wijesekera said.
Accordingly, Cabinet approval was granted on November 27th to award the contract to SINOPEC, allowing them to enter into an agreement to set up a new refinery and associated product processing center in Hambantota.
On November 25th, Wijesekera had indicated that Sri Lanka was likely to approve a proposal from the Chinese state refiner Sinopec to construct a $4.5 billion refinery.
"It’s on the agenda for Monday. Once the cabinet gives approval, we will invite them to sign the agreement," Wijesekera said.
For Sinopec, the world’s leading refinery by capacity and one of the largest petrochemical manufacturers, this investment represents a significant milestone in their ongoing efforts to expand beyond China’s borders. The company already possesses refinery assets in Saudi Arabia and engages in petrochemical production in Russia.
