BOI Signed with Sinopec to Operate and Set up fuel Stations for distribution in Sri Lanka

Sinopec Energy Lanka (Pvt). Ltd, which is the largest oil and petrochemical products supplying company in China signed an agreement for a project with an investment of hundred million (100) USD to set up fuel stations in Sri Lanka on Friday, said Lesli Uduwavidane, Director of the BOI (Board of Investment of Sri Lanka).

This project includes the import, storage and sales of fuel. Furthermore, the project will involve hundred and fifty (150) privately-owned fuel outlets operated by the Petroleum Corporation. Additionally, fifty new fuel stations will be established.

The existing agreement between Sinopec and the Ministry of Petroleum that was signed in May will remain unchanged, said Lesli Uduwavidane. Various petroleum products and value-added services such as automatic-car wash and car services, department stores, convenience stores and automated teller-machines will also be sold, Lesli mentioned.

Sinopec is also the second largest oil and gas producer in China and the third largest chemical company in the world. The total number of gas stations owned by Sinopec Energy Lanka (Pvt). Ltd ranks second place in the world, said Lesli.