China to enter Sri Lanka’s fuel market
China recently expressed its plan to enter Sri Lanka’s fuel market. This includes investments in importing, storage, distribution, and supplying the much-needed fuel to the island nation which has been suffering from a fuel crisis.
A group of representatives from China’s Sinopec Group, also known as China Petrochemical Corporation met President Ranil Wickremesinghe on Monday and confirmed their readiness to fulfill the country’s energy requirements.
During the discussion, Wickremesinghe said the government has taken a principled decision to expand the distribution of fuel which is expected to commence shortly, President’s Media Division (PMD) said.
During Monday’s discussion Sinopec, China’s largest supplier of oil and petrochemical products informed Sri Lanka that it was ready to fully finance the construction of a refinery in Hambantota, the island’s southern most point– where there is a China-run port.
They also presented their proposal to President Wickremesinghe, who said that Sri Lanka expects rapid development following the programme with the International Monetary Fund from which a $2.9 billion bailout package is expected. Wickremesinghe also expressed his desire to promote and attract foreign businesses to operate within the country in the future, the PMD said.
The move will mark the entrance of the second private outside fuel supplier after India’s Lanka IOC which runs an island-wide distribution network with more than 200 retail outlets. The state-run Ceylon Petroleum Corporation commonly known as CEYPETCO controls about 80 percent of the fuel market.
[With Inputs from IANS]
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Sinopec will buy land in the name of opening fuel station & later claim whole Sri Lanka.
China will also supply toilet paper to people of Sri Lanka and all Sri Lankan politicians are happy.
Sri Lanka will soon see hybrid Sri Lanka & China population to take birth soon & expand !!