Sinopec To Begin Operations In Sri Lanka On 20 September
Chinese oil giant, Sinopec, is set to commence operations in Sri Lanka on 20 September. The Chinese firm has been granted a 20-year licence to operate 150 fuel stations and sell fuel below the local government’s maximum retail price, as confirmed by Sri Lanka’s power minister. This move is expected to alleviate the stress on Sri Lanka’s foreign exchange reserves. Additionally, Australia’s United Petroleum and a joint venture between US-based RM Parks and Shell have also received similar regulatory approvals. The new entrants will break the longstanding market duopoly held by Ceylon Petroleum Corp and Lanka IOC.
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