{"id":138617,"date":"2023-11-28T15:54:40","date_gmt":"2023-11-28T22:54:40","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=138617"},"modified":"2023-11-28T15:54:40","modified_gmt":"2023-11-28T22:54:40","slug":"sri-lanka-selects-chinas-sinopec-for-4-5bn-refinery-project","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/11\/28\/sri-lanka-selects-chinas-sinopec-for-4-5bn-refinery-project\/","title":{"rendered":"Sri Lanka selects China\u2019s Sinopec for $4.5bn refinery project"},"content":{"rendered":"

Courtesy Offshore Technology<\/em><\/span><\/h2>\n\n\n

The refinery will be built at Hambantota port in the south of the country.<\/p>\n\n\n\n

\"\"\/
The investment would represent a significant achievement in Sinopec\u2019s long-term strategy to grow outside of China. Credit: testing\/Shutterstock.<\/figcaption><\/figure>\n\n\n\n

Sri Lanka\u2019s Government has approved China Petroleum & Chemical Corporation\u2019s (Sinopec) proposal to build a $4.5bn (32bn yuan) refining facility, reports Reuters<\/em><\/a>.<\/p>\n\n\n\n

With the approval, the Chinese Government-backed refiner will be able to complete project specifics and enter a contract with the government before commencing the construction of the refinery.<\/p>\n\n\n\n

The facility, which will focus on exports, will be built at the Hambantota port in the south of the country.<\/p>\n\n\n\n

In a post<\/a> on X, Sri Lanka Minister of Power and Energy Kanchana Wijesekera said: Cabinet approval was granted today to award the contract to China Petroleum & Chemical Corporation (Sinopec) of China, to enter into an agreement to establish a new Petroleum Refinery & Associated Product Processing centre in Hambantota.\u201d<\/p>\n\n\n\n

Sri Lanka is in desperate need of fresh investment and domestic fuel supplies as it works to recover from the worst economic crisis in more than 70 years.<\/p>\n\n\n\n

China is the largest bilateral lender to the island nation off the southern coast of India.<\/p>\n\n\n\n

Chinese businesses have developed air and sea ports, roadways and other infrastructure projects in Sri Lanka.<\/p>\n\n\n\n

The investment would represent a significant achievement in Sinopec\u2019s long-term strategy to grow outside of China.<\/p>\n\n\n\n

The Chinese refining and petrochemicals major also owns assets in Saudi Arabia and Russia.<\/p>\n\n\n\n

In September 2023, Sinopec set up a new unit to invest in foreign petrochemical and refining assets.<\/p>\n\n\n\n

As the local Chinese oil market gets closer to saturation, Sinopec intends to use its resources and experience to grow abroad<\/a> through the new unit, Sinopec Overseas Investment Holding.<\/p>\n\n\n\n

Earlier this month, Sinopec signed a long-term liquified natural gas (LNG) supply deal<\/a> with QatarEnergy<\/a>.<\/p>\n\n\n\n

As per the agreement, QatarEnergy will supply three million tonnes per annum of LNG to Sinopec for 27 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Courtesy Offshore Technology The refinery will be built at Hambantota port in the south of the country. Sri Lanka\u2019s Government has approved China Petroleum & Chemical Corporation\u2019s (Sinopec) proposal to build a $4.5bn (32bn yuan) refining facility, reports Reuters. With the approval, the Chinese Government-backed refiner will be able to complete project specifics and enter a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,158],"tags":[],"class_list":["post-138617","post","type-post","status-publish","format-standard","hentry","category-politics","category-technology"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/138617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=138617"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/138617\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=138617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=138617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=138617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}