China’s leading international petroleum company, Sinopec will commence its operations in the country today (July 15) as an importer, distributor and retail operator for petroleum products, according to State Minister Dilum Amunugama.
Sinopec Energy Lanka (Pvt) Limited – the Beijing-based company’s subsidiary in Sri Lanka – signed an agreement with the Board of Investment (BOI) on Friday (July 14) to operate and set up filling stations for fuel distribution on the island nation.
Sinopec has invested USD 100 million in the project, which includes import, storage and sales of fuel.
In addition, Sinopec will establish 50 new filling stations in the country.
The agreement inked by Sinopec and the BOI allows the project to operate for 20 years under the oversight of Sinopec Energy Lanka, in accordance with the Sri Lanka BOI Act No. 17.
Sinopec will sell various petroleum products, including 92 and 95 Octane Petrol, 500 PPM Diesel, Diesel 10 COPPM, petroleum jet fuel, and other diesel and petroleum products.
Sinopec is the largest oil and petrochemical products supplier and the second-largest oil and gas producer in China, the largest refining company, and the third-largest chemical company in the world. Its total number of gas stations ranks second place in the world. It ranked 5th on Fortune’s Global 500 List in 2021.