Sri Lanka to get $3 billion oil refinery

A very important agreement has been signed for Sri Lanka during President Anura Kumara Dissanayake’s visit to China. Considered the largest investment in the country in recent times, Sinopec is set to build a new oil refinery in the Hambantota area. In this regard, the Ministry of Energy of Sri Lanka and China’s Sinopec signed an agreement today (16).

‍ This oil refinery, which is to be built in the country by Sinopec, a leading international petroleum company, with a direct foreign investment of $3.7 billion, has a capacity of 200,000 barrels of oil. A huge amount of it is also planned to be exported.

The government says that this huge investment from China in Sri Lanka will contribute to the country’s economic growth as well as strengthening the livelihoods of low-income people in the Hambantota area.

The President’s Media Division also says that the benefits of this will soon reach the entire Sri Lankan people.