Sinopec commence operations by selling fuel Rs 3 less than market prices

Sinopec Energy Lanka (Pvt). Ltd, the largest oil and petrochemical products supplying company in China commenced its retail business while announcing that it will sell both petrol and diesel Rs 3 lower than the market prices. 

Earlier, the company signed an agreement for a project with an investment of hundred million (100) USD to set up fuel stations in 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 Ceylon Petroleum Corporation. Additionally, fifty new fuel stations are to be established.

Under the first implementation phase of the agreement, the one-time CPC-owned fuel station in Kottawa was converted into a new Sinopec fuel station and commenced operations. The company said to expects to open other fuel stations across the country before end of October. 

The existing agreement between Sinopec and the Ministry of Petroleum that was signed in May will remain unchanged, Lesli Uduwavidane, Director of Board of Investment (BoI) was quoted as saying following the agreement signed in August. 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, according to officials 

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 as well.