According to reports, Sinopec's plans to construct a $4.5 billion refinery close to Hambantota in the country's south have been approved by the government of Sri Lanka. Kanchana Wijesekera, the minister of energy, declared that the cabinet had approved the plans. As previously mentioned, discussions about the refinery project began in 2019.

Asia Pacific: Sri Lankan authorities give green light for Sinopec refinery plans

Sri Lankan government has decided to allow China's Sinopec to sell fuel in the domestic market. Colombo has signed a trade agreement permitting the Chinese petrochemical giant to self-fuel domestically. The deal brings to an end a two-decade long duopoly enjoyed by the state-run ceylon petroleum and the Indian Oil Corporation president of Sri Lanka Ranil Wickremesinghe was present at the signing of the agreement he termed it a crucial step to ensure a steady and uninterrupted fuel supply for the nation.

China's Sinopec signs agreements to enter fuel market in Sri Lanka

<p>A contract agreement between Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore granting a license to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka was signed Monday in the Presidential Secretariat.&nbsp;The Sri Lankan President’s Media Division confirmed the signing of the contract between the two countries.&nbsp;</p>

<h2><strong>Entry into Sri Lanka’s fuel market</strong></h2>

<p>In June 2022, the Cabinet of Ministers had given the go-ahead to a proposal to open up Sri Lanka’s fuel import and retail sales market to companies from oil-producing nations. In October 2022, the Petroleum Products (Special Provisions) Bill, which would pave a new way for suppliers to enter as importers, distributors and retail operators for petroleum products, was approved by the Ministerial Consultative Committee on Power and Energy.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/a-year-after-crisis-sri-lanka-grants-3-foreign-oil-companies-to-sell-fuel-581267">A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel</a></strong></p>

<p>As per a report published in the ADA Derana, a Sri Lankan&nbsp;news portal, the Cabinet of Ministers had granted approval to award licenses to China’s Sinopec, Australia’s United Petroleum and RM Parks of the USA, in collaboration with multinational oil and gas company - Shell plc, to enter the fuel retail market in Sri Lanka in March.&nbsp;</p>

<p>A team of officials from Sinopec visited Sri Lanka in late April to finalise the agreements and commencement of operations for retail fuel sales. During their visit, other important decisions regarding the timeline and conditions of the agreement were discussed between the Sinopec officials and Kanchana Wijesekera, Minister of Power and Energy. As per negotiations, it was decided that the agreements would be signed in mid-May and the operation would commence 45 days thereon.&nbsp;</p>

<h2><strong>Ongoing talks with the US and British-based multinational oil and gas company&nbsp;</strong></h2>

<p>Wijesekera also held talks with the US-based oil company RM Parks Inc. and the British multinational oil and gas company Shell PLC regarding the commencement of retail fuel sales in Sri Lanka in the first week of June this year.</p>

<p><strong>WATCH |&nbsp;Taliban signs oil extraction deal with Chinese company</strong></p>

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<h2><strong>More dealer-operated filling stations in the local market</strong></h2>

<p>On the popular talk show “360°” on TV Derana in April this year, Wijesekera revealed that each company will be handling around 150 Ceylon Petroleum Corporation (CPC) dealer-operated filling stations in the local market.</p>

<p>Further, he added that a total of 1,142 filling stations are under the purview of the CPC. However, only 234 are owned by the corporation. Going forward, nearly 450 out of the 908 remaining filling stations are supposed to be allocated to the three foreign oil companies.</p>

<p><em>(With inputs from agencies)</em></p>

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A contract agreement between Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore granting a license to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka was signed Monday in the Presidential Secretariat.

A contract agreement between Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore granting a license to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka was signed Monday in the Presidential Secretariat. The Sri Lankan President’s Media Division confirmed the signing of the contract between the two countries. Entry into Sri Lanka’s fuel market In June 2022, the Cabinet of Ministers had given the go-ahead to a proposal to open up Sri Lanka’s fuel import and retail sales market to companies from oil-producing nations. In October 2022, the Petroleum Products (Special Provisions) Bill, which would pave a new way for suppliers to enter as importers, distributors and retail operators for petroleum products, was approved by the Ministerial Consultative Committee on Power and Energy. ALSO READ | A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel As per a report published in the ADA Derana, a Sri Lankan news portal, the Cabinet of Ministers had granted approval to award licenses to China’s Sinopec, Australia’s United Petroleum and RM Parks of the USA, in collaboration with multinational oil and gas company - Shell plc, to enter the fuel retail market in Sri Lanka in March. A team of officials from Sinopec visited Sri Lanka in late April to finalise the agreements and commencement of operations for retail fuel sales. During their visit, other important decisions regarding the timeline and conditions of the agreement were discussed between the Sinopec officials and Kanchana Wijesekera, Minister of Power and Energy. As per negotiations, it was decided that the agreements would be signed in mid-May and the operation would commence 45 days thereon. Ongoing talks with the US and British-based multinational oil and gas company Wijesekera also held talks with the US-based oil company RM Parks Inc. and the British multinational oil and gas company Shell PLC regarding the commencement of retail fuel sales in Sri Lanka in the first week of June this year. WATCH | Taliban signs oil extraction deal with Chinese company × More dealer-operated filling stations in the local market On the popular talk show “360°” on TV Derana in April this year, Wijesekera revealed that each company will be handling around 150 Ceylon Petroleum Corporation (CPC) dealer-operated filling stations in the local market. Further, he added that a total of 1,142 filling stations are under the purview of the CPC. However, only 234 are owned by the corporation. Going forward, nearly 450 out of the 908 remaining filling stations are supposed to be allocated to the three foreign oil companies. (With inputs from agencies) WATCH WION LIVE HERE ×

China's Sinopec to enter Sri Lanka's fuel-retail market

<p><em>Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.</em></p>

<p>According to reports, China's Sinopec has suspended investment and a gas marketing venture in Russia amid increasing threat of Western sanctions.</p>

<p>Sinopec is Asia's largest oil refiner. The company had reportedly struck a deal with Russia in east Siberia’s Amur region. The venture had started two years ago and was expected to start in 2024.</p>

<p><a href="https://www.wionews.com/photos/history-of-urban-warfare-why-russia-will-find-it-difficult-to-conquer-kyiv-465932">Also Read in Pics:&nbsp;&nbsp;History of urban warfare &amp; why Russia will find it difficult to conquer Kyiv</a></p>

<p>Ma Yongsheng, Sinopec's chairman had reportedly said earlier that "operations in Russia are going smoothly". President Xi's regime has so far refused to condemn the Russian invasion of Ukraine.</p>

<p>Reuters reported that China's foreign ministry had summoned officials from energy companies to review their business ties with Russian partners. The foreign ministry said it had the "right to carry out normal economic and trade cooperation across the world".</p>

<p><strong>Watch:&nbsp;Zelensky calls on NATO to support Kyiv</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukraine-conflict-zelensky-calls-on-nato-to-support-kyiv-466358/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>Several companies have exited Russia ever since President Putin announced the "special military operation" against Ukraine on February 24.</p>

<p>Western countries including EU nations have come down heavily against Russian oligarchs. However, Turkey's foreign minister Mevlut Cavusoglu said Russia's oligarchs can continue to do business in the country as long as they respect international law.</p>

<p><a href="https://www.wionews.com/photos/how-could-russian-president-vladimir-putin-be-prosecuted-for-war-crimes-in-ukraine-465719">Also Read in Pics:&nbsp;How could Russian President Vladimir Putin be prosecuted for war crimes in Ukraine?</a></p>

<p>EU nations and the US have specifically targeted Russian oligarchs believed to be close to President Putin while imposing unprecedented measures against the high profile billionaires as several nations have seized yachts owned by Russia's richest.</p>

<p>The sanctions issue has become a major issue as President Macron last week dismissed President Putin's demand for Europe to pay for gas in rubles. Macron declared that "it is therefore not possible today to do what is requested", while adding, "it is not contractual" as he accused Russia of trying to "circumvent" EU sanctions.</p>

<p>Germany which is a major buyer of Russian gas also denounced the move as Europe scrambles to reduce dependence on Russian gas.&nbsp;</p>

<p>(With inputs from Agencies)</p>


Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos. According to reports, China's Sinopec has suspended investment and a gas marketing venture in Russia amid increasing threat of Western sanctions. Sinopec is Asia's largest oil refiner. The company had reportedly struck a deal with Russia in east Siberia’s Amur region. The venture had started two years ago and was expected to start in 2024. Also Read in Pics: History of urban warfare & why Russia will find it difficult to conquer Kyiv Ma Yongsheng, Sinopec's chairman had reportedly said earlier that "operations in Russia are going smoothly". President Xi's regime has so far refused to condemn the Russian invasion of Ukraine. Reuters reported that China's foreign ministry had summoned officials from energy companies to review their business ties with Russian partners. The foreign ministry said it had the "right to carry out normal economic and trade cooperation across the world". Watch: Zelensky calls on NATO to support Kyiv Several companies have exited Russia ever since President Putin announced the "special military operation" against Ukraine on February 24. Western countries including EU nations have come down heavily against Russian oligarchs. However, Turkey's foreign minister Mevlut Cavusoglu said Russia's oligarchs can continue to do business in the country as long as they respect international law. Also Read in Pics: How could Russian President Vladimir Putin be prosecuted for war crimes in Ukraine? EU nations and the US have specifically targeted Russian oligarchs believed to be close to President Putin while imposing unprecedented measures against the high profile billionaires as several nations have seized yachts owned by Russia's richest. The sanctions issue has become a major issue as President Macron last week dismissed President Putin's demand for Europe to pay for gas in rubles. Macron declared that "it is therefore not possible today to do what is requested", while adding, "it is not contractual" as he accused Russia of trying to "circumvent" EU sanctions. Germany which is a major buyer of Russian gas also denounced the move as Europe scrambles to reduce dependence on Russian gas. (With inputs from Agencies)

China's Sinopec suspends talks with Russian companies amid sanctions row

<p>Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia.</p>

<p>China Petroleum and Chemical Corp, or Sinopec, is the second major Chinese state oil firm in less than three years to find staff facing allegations of corruption in Indonesia, where the resources sector is riddled with graft and legal and contractual uncertainty.</p>

<p>&quot;The three red notices have been published for those wanted people,&quot; said National Police spokesman Boy Rafli Amar.</p>

<p>Indonesian authorities filed a request for Interpol assistance on February&nbsp;21 regarding the three executives, suspects in the alleged embezzlement of an undisclosed sum of money from the West Point Terminal project, Amar said. He identified the three as West Point Terminal finance director Zhang Jun, chief executive Feng Zhigang and chairman Ye Zhijun.</p>

<p>In a statement on its official microblog, Sinopec said it had not received any red notices from Interpol, was checking relevant information about the project and that the company and its subsidiaries operated in accordance with the law.</p>

<p>Reuters has not yet been able to find telephone numbers or email addresses for the three executives, so has been unable to contact them for comment.</p>

<p>Chinese Foreign Ministry spokeswoman Hua Chunying said she had seen reports about the red notices, but was not aware of specifics.</p>

<p>Interpol&#39;s General Secretariat press office said in an emailed response to questions on the matter that it did not &quot;comment on specific cases or individuals except in special circumstances&quot;.</p>

<p>A red notice is Interpol&#39;s highest alert and is a request to locate and provisionally arrest an individual pending extradition. It is not an international arrest warrant, as Interpol cannot compel any member country to arrest an individual who is the subject of a red notice.</p>

<p>Indonesia, an archipelago of some 250 million people rich in resources, is routinely ranked by watchdog Transparency International as one of the world&#39;s most corrupt countries.</p>

<p>Former Indonesian energy minister Jero Wacik is serving an eight-year prison term for involvement in extortion and kickbacks worth about $840,000.</p>

<p>&nbsp;</p>

<p>SERIES OF SETBACKS</p>

<p>Defrizal Djamaris, a lawyer representing West Point Terminal&#39;s 5-per cent stakeholder, PT Mas Capital Trust (MCT), said MCT reported suspicions of fraud on the project to local police in 2015.</p>

<p>The red notices were issued because the three executives had left the country and &quot;not cooperated&quot; with local police investigations, Djamaris said. The police&#39;s Amar did not confirm this.</p>

<p>The West Point Terminal was touted to be Southeast Asia&#39;s largest and was initially expected to be operational by mid-2016, but has faced a series of setbacks including a lawsuit filed by Indonesian shareholders in November.</p>

<p>The project in Indonesia&#39;s Batam free trade zone to the south of Singapore is 95-per cent owned by Sinopec Kantons Holdings, a subsidiary of Sinopec.</p>

<p>Sinopec Kantons bought into the project in January 2012, aiming to develop a 2.6 million-tonne storage facility worth more than $800 million.</p>

<p>The project was delayed by several years due to slow demand for tank space, Reuters reported. An official at Indonesia&#39;s energy ministry said the downstream operations permit for the West Point Terminal expired in late 2014.</p>

<p>Sinopec&#39;s only other Indonesian asset is an 18-per cent stake in Chevron&#39;s deep water project, bought in 2010. Sinopec Kantons, which is one of Sinopec&#39;s smallest subsidiaries, was not immediately available for comment.</p>

<p>(Reuters)</p>


Sinopec is the second major Chinese state oil firm in less than three years to find staff facing allegations of corruption in Indonesia

Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia. China Petroleum and Chemical Corp, or Sinopec, is the second major Chinese state oil firm in less than three years to find staff facing allegations of corruption in Indonesia, where the resources sector is riddled with graft and legal and contractual uncertainty. "The three red notices have been published for those wanted people," said National Police spokesman Boy Rafli Amar. Indonesian authorities filed a request for Interpol assistance on February 21 regarding the three executives, suspects in the alleged embezzlement of an undisclosed sum of money from the West Point Terminal project, Amar said. He identified the three as West Point Terminal finance director Zhang Jun, chief executive Feng Zhigang and chairman Ye Zhijun. In a statement on its official microblog, Sinopec said it had not received any red notices from Interpol, was checking relevant information about the project and that the company and its subsidiaries operated in accordance with the law. Reuters has not yet been able to find telephone numbers or email addresses for the three executives, so has been unable to contact them for comment. Chinese Foreign Ministry spokeswoman Hua Chunying said she had seen reports about the red notices, but was not aware of specifics. Interpol's General Secretariat press office said in an emailed response to questions on the matter that it did not "comment on specific cases or individuals except in special circumstances". A red notice is Interpol's highest alert and is a request to locate and provisionally arrest an individual pending extradition. It is not an international arrest warrant, as Interpol cannot compel any member country to arrest an individual who is the subject of a red notice. Indonesia, an archipelago of some 250 million people rich in resources, is routinely ranked by watchdog Transparency International as one of the world's most corrupt countries. Former Indonesian energy minister Jero Wacik is serving an eight-year prison term for involvement in extortion and kickbacks worth about $840,000. SERIES OF SETBACKS Defrizal Djamaris, a lawyer representing West Point Terminal's 5-per cent stakeholder, PT Mas Capital Trust (MCT), said MCT reported suspicions of fraud on the project to local police in 2015. The red notices were issued because the three executives had left the country and "not cooperated" with local police investigations, Djamaris said. The police's Amar did not confirm this. The West Point Terminal was touted to be Southeast Asia's largest and was initially expected to be operational by mid-2016, but has faced a series of setbacks including a lawsuit filed by Indonesian shareholders in November. The project in Indonesia's Batam free trade zone to the south of Singapore is 95-per cent owned by Sinopec Kantons Holdings, a subsidiary of Sinopec. Sinopec Kantons bought into the project in January 2012, aiming to develop a 2.6 million-tonne storage facility worth more than $800 million. The project was delayed by several years due to slow demand for tank space, Reuters reported. An official at Indonesia's energy ministry said the downstream operations permit for the West Point Terminal expired in late 2014. Sinopec's only other Indonesian asset is an 18-per cent stake in Chevron's deep water project, bought in 2010. Sinopec Kantons, which is one of Sinopec's smallest subsidiaries, was not immediately available for comment. (Reuters)

Interpol issues red notices for 3 execs linked to $800 million oil fraud, says Indonesia police

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