Agreement allows Sinopec to invest in 50 new fuel stations – Energy Minister
May 22, 2023 04:21 pm
Minister of Power and Energy Kanchana Wijesekara says that according to the agreement signed between Sinopec and the Ministry of Power and Energy, the state-owned Chinese company will be granted a 20-year license to operate 150 fuel stations currently operated by the Ceylon Petroleum Corporation (CPC).
In a tweet, the minister said that the agreement also allows Sinopec to invest in 50 new fuel stations and to invest in Sri Lanka’s energy sector.
The contract agreement was signed between Sinopec Fuel Oil Lanka (Pvt) Ltd and its parent company in China and Singapore and the Ministry of Power and Energy this morning (22) at the Presidential Secretariat in Colombo, for Sinopec to enter the domestic retail petroleum market.