Sinopec Refinery Project to Break Ground in Hambantota Soon
- 5opn1
- January 23, 2025
- News
- Sinopec Refinery Project to Break Ground in Hambantota Soon
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Sri Lanka’s Minister of Foreign Affairs, Vijitha Herath, said that the island nation aims to resolve land and other issues with regard to the Chinese state energy giant Sinopec, as soon as possible.
When asked about the timeline for breaking ground on the Sinopec refinery, Minister Herath stated “As soon as possible. We are willing to continue a fast-track development program,” he assured.
Minister Herath on land allocation for the Sinopec refinery, noted that while the exact lease duration is yet to be finalized, the initial request was for 500 acres, with an additional 200 acres being considered.
“I can’t remember the exact years. If we go through the MoU, we can say. They are asking for another 200 acres. But we have not finalized it yet,” he stated.On the 16th of January 2025, during President Anura Kumara Dissanayake’s visit to China, he witnessed the signing of an agreement with Sinopec, which will bring a Foreign Direct Investment (FDI) of $3.7 billion to Sri Lanka.
The investment will be utilized to establish an oil refinery in Hambantota, with plans to export a significant portion of its output.
