China and India vie for influence in Sri Lanka

China and India vie for influence in Sri Lanka
Chinese energy giant SINOPEC is setting its sights on Sri Lanka's energy market. They plan to build a $4.5 billion refinery, the island nation's largest foreign investment ever. This would be SINOPEC's first wholly-owned overseas refinery. However, Sri Lanka wants the refinery to produce fuel for domestic consumption, while SINOPEC sees higher profits in selling it abroad.