China’s largest oil and energy corporation, Sinopec, is looking at retail business opportunities in the Sri Lankan fuel market.
According to DailyMirror, the Beijing-based enterprise is interested to enter the Lankan petroleum market to import, sell and distribute products.
Sinopec is already present at the Port of Hambantota where it operates an oil depot.
Citing informed sources, the report said that Sinopec is expected to enter the Sri Lankan market for fuel importing, distribution, and selling petroleum products.
In June, the Cabinet approved a proposal by the Energy Minister to allow more companies from oil-producing nations to import oil and start retail operations in Sri Lanka, due to the severe foreign exchange crisis.
The State-owned Ceylon Petroleum Corporation supplies 90 percent of Sri Lanka’s fuel supply at present, while the remaining 10 percent is by the Lanka Indian Oil Company (IOC). (NewsWire)
