In order to expedite the construction of a proposed $3.7 billion oil refinery in its southern port city of Hambantota, Sri Lanka signed a deal with Sinopec, the Chinese state energy giant, on Wednesday, according to the country’s foreign minister.
The amount of refined petroleum exported from the plant will be decided jointly by Sinopec and Sri Lanka, Foreign Minister Vijitha Herath said reporters. We feel it will be essential for us,” Herath stated, referring to this as one of the most significant foreign investment projects Sri Lanka has received.
The two nations have been debating this refinery for a long time, and we are determined to move it forward. Our goal is to start construction as soon as possible.
A request for a response from a Sinopec official in China was not immediately answered, and calls to its Sri Lanka headquarters were not returned. Although Sri Lanka has a few smaller refineries, it now depends entirely on imported oil, which costs the financially stressed nation billions of dollars annually.
The nation is seeking to draw in international investment to restore its economy, which collapsed in 2022 due to a major foreign exchange crisis. In 2023, Sri Lanka secured a $2.9 billion International Monetary Fund (IMF) program, which sparked a quicker-than-expected rally.
Also Read:
Bridging Language Gaps For Seamless Communication With SIYAK: Rima Boutros
Elevating The Lives Of Gold Miners Of Guinea: Tidiane Koita
About Author
