REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCOLOMBO, Nov 25 (Reuters) - Sri Lanka will likely approve on Monday a proposal from Chinese state refiner Sinopec to build a $4.5-billion-dollar refinery, the South Asian island nation's energy minister said on Saturday.
Sri Lanka, trying to recover from its worst economic crisis in more than 70 years, is hungry for new investment and local fuel supplies.
The investment will add to Sinopec's recently started fuel retailing business, the third international company with a foothold in Sri Lanka, with a license to operates 150 petrol stations.
Sinopec's fuel oil division, which runs the retail business there, began in 2019 supplying marine bunker fuel at Hambantota, another Sinopec official said.
Sri Lanka's refinery at Sapugaskanda, commissioned in 1969, can process 38,000 barrels of oil a day.
Persons:
Chris Helgren, Kanchana Wijesekera, Wijesekera, Vitol, Uditha Jayasinghe, Chen Aizhu, Krishn Kaushik, William Mallard
Organizations:
China Petroleum & Chemical Corporation, REUTERS, Rights, and Energy, Reuters, Sri, China Merchant Port Holdings, Initiative, China Merchants, Thomson
Locations:
Vancouver , British Columbia, Canada, Sri Lanka, China's, Saudi Arabia, Russia, China, Colombo, Sinopec, Hambantota, Europe, Asia, Lanka's, Sapugaskanda