The contract agreement to permit China Petroleum & Chemical Corporation (Sinopec) to enter Sri Lanka’s fuel retail market was signed at the Presidential Secretariat today.
According to the President’s Media Division (PMD), negotiations have been completed with Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore in this regard.
The PMD stated that the negotiations were focused on awarding a long-term contract regarding the importation, storage, distribution, and sale of petroleum products in Sri Lanka.
The negotiations were conducted following the recommendations of the Cabinet-appointed Special Committee for this purpose.
The signing of the contract comes after the government announced in April that China’s Sinopec, United Petroleum of Australia, and RM Parks of the USA are slated to enter Sri Lanka’s retail market under a collaboration with Shell PLC.
It was reported at the time that they will be given licences with a validity of 20 years to import, store and distribute fuel in Sri Lanka, while they will also be provided 150 CPC fuel stations under the scheme. (NewsWire)