Sri Lanka to OK Sinopec's USD 4.5 billion refinery proposal

Sri Lanka is expected to approve a proposal from Sinopec, the Chinese state refiner, to build a $4.5 billion refinery. The investment will mark a breakthrough for Sinopec as it expands beyond China's borders. The refinery will add to Sinopec's recently started fuel retailing business in Sri Lanka, where it operates 150 petrol stations. It may also target markets beyond Sri Lanka and use its partnership with China Merchants Port to expand bunker fuel supply at Hambantota port.