Sinopec signs contracts

The agreement for commercial activities was signed yesterday between China’s Sinopec Company and the Ministry of Electricity and Energy, which is the second foreign company to join sri lankan fuel market.

According to this agreement, Sinopec will hand over 150 filling stations which have been operating through Ceylon Petrolium Corporation. They will also be allowed to built 50 new filling stations too. This agreement is valid for a period of 20 years. According to the agreement, Sinopec is allowed to import, store and sell fuel in Sri Lanka.

Sinopec, one of the world’s leading petroleum companies, is scheduled to start operations in Sri Lanka within 45 days after the license is issued. However, petroleum unions say that with this agreement, the corporation’s monopoly on fuel distribution will further weaken. Two more foreign companies are said to join the country’s fuel market this year.

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