Sri Lanka Secures $3.7 Bn FDI With China; SINOPEC To Build State-Of-The-Art Oil Refinery

COLOMBO (News 1st): Sri Lanka secured the largest foreign direct investment to date on Thursday (16), during President Anura Kumara Dissanayake's visit to China.

This landmark deal was formalized with the signing of an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation.

The $3.7 billion investment will fund the construction of a state-of-the-art oil refinery with a capacity of 200,000 barrels in the Hambantota region. 

A substantial portion of the refinery’s output is planned for export, which will further enhance the nation’s foreign exchange earnings.

This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area.

Additionally, the benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future.

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.