Sri Lanka has failed to achieve any considerable progress with regard to the 3.7 billon US dollar Sinopec refinery which is nearly nine months into its MoU.
Sources said the facility, proposed to come up near Hambantota port, will be the biggest direct foreign investment in the country.
Its construction is yet to begin, with prevailing disagreement with regard to taxation and the local sales percentage of the refined oil.
Sinopec wants a 40 pc local market share, although Sri Lanka agreed to allow it 20 pc, with the balance to be exported.
The MoU was signed during president Anura Kumara Dissanayake’s China visit early this year.
Power minister Kumara Jayakody expected the work to begin within this year.
In 2023, the cabinet approved the refinery that has an output capacity of 200,000 barrels per day.