Chinese state-owned oil and gas company Sinopec is to sign an agreement with the Board of Investments (BoI) of Sri Lanka today to conduct a retail fuel business deal in the country.

Earlier, Sinopec signed a contract to enter Sri Lanka's retail fuel market.

Under the new deal, the Chinese giant will be given a 20-year licence to operate 150 fuel stations and will also be able to invest in 50 new fuel stations. 

Sinopec can start operations within 45 days from obtaining the licence, a communiqué from the president's office said earlier.