Marking the largest foreign direct investment in Sri Lanka’s history, the Ministry of Power and Energy signed an agreement this morning (16) with Sinopec, a leading international petroleum company from China, for the construction of a state-of-the-art oil refinery in the Hambantota region.
This $3.7 billion project will establish an oil refinery with a capacity of 200,000 barrels, with a significant portion of its output designated for export.
The landmark investment from China is expected to significantly boost Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in Hambantota. According to the President’s Media Division, the project’s benefits will be felt by the entire Sri Lankan population in the near future.
The signing ceremony, held during President Anura Kumara Disanayake’s four-day state visit to China, was attended by Minister of Foreign Affairs, Foreign Employment, and Tourism, Vijitha Herath; Minister of Transport, Highways, Ports, and Civil Aviation, Bimal Rathnayake; Chinese Ambassador to Sri Lanka, Qi Zhenhong; and Sri Lankan Ambassador to China, Majintha Jayasinghe.
