INSUBCONTINENT EXCLUSIVE:
Sinopec, a Beijing-based leading international petroleum company, has officially kicked off its business operations in Sri Lanka, by
supplying fuel at its first filing station on the island established in Mattegoda, Colombo.Sinopec Fuel Oil Lanka, the local subsidiary of
the Chinese petroleum giant began its retail operations on Wednesday (Aug
30), with a market promotion campaign
Accordingly, petrol and diesel are pumped at a discount of Rs
oil-producing nations in a bid to address the foreign exchange crisis
The Petroleum Products (Special Provisions) Bill also received the approval of ministerial consultative committee on power - energy, paving
way for the new suppliers to enter the local fuel market as importers, distributers, and retail operators for petroleum products.In March
collaboration with multinational oil and gas company - Shell PLC, to enter the fuel retail market in Sri Lanka.Subsequently, negotiations
were completed with Sinopec Fuel Oil Lanka and its parent company for a long-term contract on the importation, storage, distribution and
representatives, marking a crucial step in ensuring a steady and uninterrupted fuel supply in the country.Under this deal, Sinopec is
granted a 20-year license to operate 150 filling stations in Sri Lanka, and will also be able to invest in 50 new filling stations.Sri
commenced operations here.
