Sri Lanka Secures $3.7 Billion Direct Investment from Sinopec China

President Anura Kumara Disanayake extended an invitation to Chinese investors to explore investment opportunities in Sri Lanka

He made these remarks as the keynote speaker at the "Investment Forum" held today ( January 16), jointly organized by Chinese state and private enterprises.

The forum was a significant event during President Disanayake’s third day of his four-day state visit to China, undertaken at the invitation of Chinese President Xi Jinping.

President Anura Kumara Disanayake extended an invitation to Chinese investors to explore investment opportunities in Sri Lanka

Prominent Chinese corporations, including China Tianying Inc. (CNTY), China Harbour Engineering Company Ltd., China Communications Construction Company Ltd., China Petrochemical Corporation (SINOPEC Group), Metallurgical Corporation of China Ltd., China Civil Engineering Construction Corporation (CCECC), China Energy International Group Company Ltd., Guangzhou Public Transport Group and Huawei BYD Auto participated in the event.

President Disanayake also engaged in cordial discussions with the leadership of these corporations.

The forum was attended by Sri Lanka’s Minister of Foreign Affairs, Foreign Employment, and Tourism Vijitha Herath, Minister of Transport, Highways, Ports, and Civil Aviation, Bimal Rathnayake, Chinese Ambassador to Sri Lanka Qi Zhenhong, and Sri Lankan Ambassador to China Majintha Jayasinghe, among others.

Meanwhile, Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date. This significant achievement was formalized this morning ( January 16) with the signing of an agreement between Sri Lanka's Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation.  

Under this $3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region. A substantial portion of the refinery’s output is planned for export, further enhancing the nation’s foreign exchange earnings.  

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. Moreover, the benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future.  

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.