INSUBCONTINENT EXCLUSIVE:
Sri Lanka will likely approve on Monday a proposal from Chinese state refiner Sinopec to build a $4.5-billion-dollar refinery, the South
Lanka, trying to recover from its worst economic crisis in more than 70 years, is hungry for new investment and local fuel
It owns refinery assets in Saudi Arabia and petrochemicals production in Russia.The Sri Lanka investment follows state-run China Merchant
global trade infrastructure, experts say.Sinopec will start basic engineering design, including finalising the size of the refinery and
technical configuration, after getting official approval, a senior company official told Reuters this month.The investment will add to
150 petrol stations.In August Sinopec and commodities trader Vitol were shortlisted by the Sri Lankan government to bid for the refinery
Vitol subsequently dropped out, the Sinopec official said.The refinery may target markets beyond Sri Lanka, where local fuel consumption is
low, and use its partnership with China Merchants Port to expand bunker fuel supply at Hambantota, a deep-sea port near busy shipping lanes
barrels of oil a day.Source: Reuters
-Agencies
