Saturday, 18th September 2021

China Petroleum and Chemical Corp to set up set up oil company in Hambantota

Colombo, July 17 (BAN/ AD): As per sources Chinese firm China Petroleum and Chemical Corp, known as Sinopec Corp will be starting new unit called Fuel Oil Sri Lanka Co Ltd, and has been registered in Hambantota. The company will be selling fuel for ships. Chinese media reported that Sinopec stressed the strategic location of Hambantota port on the Indian Ocean along a key shipping route between the Suez Canal and the Malacca Strait.

This comes as latest investment of China in Srilanka which sees the Lanka as a pivotal part of its Belt and Road Initiative infrastructure plan. As per Lankan government sources Singapore registered Silver Park International is one of the main investors for the oil refinery project. The unit will be set up in 200 acres and will be operational in 44 months.

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