March 14, 2023
1 min read

China to tap Lanka’s fuel market

The move will mark the entrance of second private outside fuel supplier after India’s Lanka IOC…reports SUSITHA FERNANDO

China expressed its plans to enter Sri Lanka’s fuel market by investing on importing, storage, distribution and supply fuel to the Indian Ocean island nation which went through a severe fuel crisis.

A group of representatives from China’s Sinopec Group met President Ranil Wickremesinghe on Monday and confirmed their readiness to fulfil the country’s energy requirements.

During the discussion, Wickremesinghe said the government has taken a principled decision to expand the distribution of fuel which is expected to commence shortly, President’s Media Division (PMD) said.

During Monday’s discussion Sinopec, China’s largest supplier of oil and petrochemical products has informed Sri Lanka that it was ready to fully finance the construction of a refinery in Hambantota, island’s southern-most point- where there is a China-run port.

They also presented their proposal to President Wickremesinghe, who said that Sri Lanka expects rapid development following the programme with the International Monetary Fund from which a $2.9 billion bailout package is expected.

Wickremesinghe also expressed his desire to promote and attract foreign businesses to operate within the country in the future, the PMD said.

The move will mark the entrance of second private outside fuel supplier after India’s Lanka IOC which runs an island wide distribution network with more than 200 retail outlets.

The state-run Ceylon Petroleum Corporatoin controls about 80 per cent of the fuel market.

ALSO READ: China warns Philippines against military ties with US

Previous Story

Dining with the Nawabs: A culinary journey through the royal kitchens

Next Story

Ram Chandra Poudel takes charge as president of Nepal

Latest from -Top News

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK

Farmers Win Big in India-UK FTA

There is a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier….reports Asian Lite News The India-UK Free Trade Agreement

Modi-Starmer Meet Ahead of FTA Signing

During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP)…reports Asian Lite News Prime Minister Narendra Modi on Thursday called on Keir Starmer at the

Hindu Temple Vandalised in Melbourne

Confirming the incident, Victoria Police mentioned they are investigating “four linked incidents in Boronia,” including the temple and two restaurants….reports Asian Lite News In a deeply disturbing incident of racial violence, a
Go toTop

Don't Miss

Chinese province orders companies to suspend production

The order has affected nearly 160 energy-intensive companies, mainly the

China puts Pak air defence systems in danger

The Chinese-built portable air defence systems, bought at a cost