China's Sinopec to enter Sri Lanka's fuel-retail market
Sinopec signs a contract with Sri Lanka to enter the country's fuel market
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 Lankannews 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.
&im=FitAndFill=(700,400))
National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent
)
India names 27 sites in Arunachal Pradesh
)
Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?
&im=FitAndFill=(700,400))
How many soldiers operate one S-400 battery?
)
Shakib Al Hasan ready to return to Bangladesh—under one condition
)
‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal
)
Rockstar to unveil GTA 6 extended look ahead of November launch
)
Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine
)
Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states
)
Technology transfer deal boosts India's defence manufacturing ambitions
)
Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy
)
Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS
)
'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia
)
Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside
)
Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift
&im=FitAndFill=(700,400))
New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
RSS says Gen Z protests reflect genuine distress
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act
)
Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott
&im=FitAndFill=(700,400))
Why the Su-30MKI doesn't need external fuel tanks to fly vast distances
)
Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation
)
New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know
)
India officially names 27 places in Arunachal to counter China's renaming claims
)
Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed
)
US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
&im=FitAndFill=(700,400))
Why the Su-30MKI is one of the heaviest fighters ever built
)
Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH
)
Chilling video shows students take cover as teen opens fire at Thai school
)
Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report
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