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Last Updated : 2024-05-19 14:30:00
14 July 2023 03:28 pm - 6 - {{hitsCtrl.values.hits}}
Signifying a crucial juncture in Sri Lanka’s fuel market and a timely move to address fuel supply challenges, Sinopec Energy Lanka (Pvt) Ltd inked an agreement worth $100 million with the Board of Investment of Sri Lanka (BOI) to operate and set up fuel stations for distribution in Sri Lanka.
The agreement signing in this regard took place at the BOI headquarters today (13) in the presence of State Minister Dilum Amunugama, CEO Sinopec Yu Yuhua, BOI Chairmen of the Board of Investment of Sri Lanka Dinesh Weerakkody and other stakeholders.
The agreement entails the operation and establishment of fuel stations by Sinopec for fuel distribution throughout Sri Lanka while covering various aspects such as the import, storage, and sales of fuel.
As part of the endeavour, 150 privately-owned fuel outlets that are currently operated by the Petroleum Corporation will be involved. Furthermore, the project aims to establish 50 brand-new fuel stations. The agreement allows for the project to operate for a specified duration.
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.
The existing agreement between Sinopec and the Ministry of Petroleum signed in May will remain unchanged.
The China's 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. (Sheain Fernandopulle)
Sokrates Friday, 14 July 2023 03:47 PM
Hopefully these gas stations are good recognizable so that you can easily drive past them.
Buddhist Friday, 14 July 2023 04:57 PM
How many foreign employees/directors have been allowed for this project? Since SL has adequate expertise in this field only one of two should have been allowed to work in SL.
Avoid IOC, anything is better than give money to Indians Saturday, 15 July 2023 12:33 AM
All fuel here is imported, but the Indians are the ones ruining CPC. They are paying for sabotage of CPC distribution and deliveries. Avoiding Indian run businesses is the only way to free us of the Indian problem.
Tissa Fernando Saturday, 15 July 2023 04:59 AM
Kanchana's wedding cost is fully covered.
arjuna Saturday, 15 July 2023 06:36 AM
its such a low reflection on all Srilankans. We are not capable of simply importing and selling a product as well .
Morris fung Saturday, 15 July 2023 09:06 AM
Yes what was said is true reflex back how the Indians destroyed our textile mills that gave lots of people employment now we have to import textile from India
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