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Last Updated : 2023-11-29 13:27:00
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Wed, 29 Nov 2023 Today's Paper
China’s Sinopec to begin operations on September 2
16 August 2023 02:47 am - 7 - {{hitsCtrl.values.hits}}
REUTERS: Chinese oil major Sinopec expects to start operations in Sri Lanka on Sept. 20 and will be allowed to sell fuel for less than the maximum retail price set by the government, Sri Lanka’s Power Minister said yesterday.
Sinopec’s entry into Sri Lanka will help reduce pressure on Sri Lanka’s foreign exchange reserves, and the island nation expects two other international fuel operators to start operations by October and November, Minister Kanchana Wijesekera said.
“Reducing pressure on our foreign exchange with Sinopec’s entry will also help us increase fuel imports and strengthen the economy,” Wijesekera told reporters.
Australia’s United Petroleum and U.S. firm RM Parks in collaboration with Shell are other two companies that have received approval.
The entry of the new players will end a market duopoly of state-run Ceylon Petroleum Corp and Lanka IOC, a unit of Indian Oil Corp.
Under the new deal, the Chinese firm will be given a 20-year licence to operate 150 fuel stations and will also be able to invest in 50 new fuel stations.
Sri Lanka is grappling with its worst financial crisis since independence from the British in 1948 with reserves at US$ 3.8 billion at the end of July.
The island’s economy was severely hit last year by spiralling energy costs worsened by the war in Ukraine, which caused long lines at fuel stations and hours-long power cuts.
“Sinopec and Vitol have also been shortlisted for a refinery project in southern Sri Lanka and we expect their request for proposals to be handed over at the end of August,” Wijesekera added.
The refinery project is expected to cost as much as US$ 4 billion and has been in talks since 2019.
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Comments - 7
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Gamaya Wednesday, 16 August 2023 08:38 AM
Wow, I thought they bought two shipments of fuel to the country last month, why would they do so if agreements to sell are not in place? Atleast there is hope that in one month they will have infrastructure in place and we dont have to rely on the CPC.
Jude Wednesday, 16 August 2023 08:54 AM
Way to go Sinos !!!
Jude Wednesday, 16 August 2023 08:58 AM
Yeah government should get out of importing fuel, then gov't should ground SriLankan airlines immediately. THAT would help to save FEW TRILLION RUPEES YEAH,!!
Ganesh Wednesday, 16 August 2023 09:06 AM
Brilliant move by the government.
Bharat Wednesday, 16 August 2023 10:16 AM
LIOC super profit run due to the inefficiency of CEYPETCO can be tamed now. The Indian business are exploiting the consumer hiding behind a imaginary Chineses monster
Kanchana Wednesday, 16 August 2023 10:49 AM
With Sinopec being permitted to sell their products at a lower price, will not the CPC also be compelled to bring down their prices thereby leading to further losses to the loss - making CPC?
Sivalingam Wednesday, 16 August 2023 11:23 AM
China and India will be running SL, India the top half and vachina the rest.
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Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
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