In a significant step towards economic development, the Ministry of Power and Energy of Sri Lanka signed an agreement with China’s Sinopec this morning (16) to establish a new oil refinery in Hambantota. This marks the largest foreign direct investment received by Sri Lanka during President Anura Kumara Dissanayake’s four-day state visit to China.
Sinopec, a leading global petroleum company, will invest $3.7 billion in the construction of the refinery, which is designed to process 20 million barrels of oil. A substantial portion of the output is earmarked for export, enhancing the country’s foreign exchange earnings.
This landmark investment is expected to drive Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota region. The benefits of this venture are anticipated to extend across the entire nation, delivering tangible advantages to the Sri Lankan people in the near future.
The signing ceremony was attended by key dignitaries, including Minister of Foreign Affairs, Foreign Employment, and Tourism Vijitha Herath; Minister of Transport, Highways, Ports, and Civil Aviation Bimal Ratnayake; and Director General of Government Information H. S. K. J. Bandara.
