Sinopec starts operations in Sri Lanka with first service station
Published on: Aug 31, 2023
The Chinese company was granted a license to operate 150 locations and invest in 50 additional sites across the country.
Sinopec’s first service station in Sri Lanka is now fully operational. The facility was opened in Mattegoda, Colombo and officially started operations on Wednesday August 30th.
Sinopec Fuel Oil Lanka is the local subsidiary of the Chinese company established in the country to manage retail operations. This expansion comes after the Sri Lankan government opened up fuel imports and retail markets to private companies coming from oil-producing countries.
In addition, authorities also approved the Petroleum Products (Special Provisions) Bill, allowing new suppliers to enter the market in the role of importers, distributors, and retail operators for petroleum products.
As reported by Adaderana, Sinopec is one of the three companies awarded by the Cabinet of Ministers to start operations in the country. The remaining firms are Australia’s United Petroleum and US-based RM Parks, in collaboration with Shell.
Sinopec has been granted a license to operate 150 service stations for 20 years in Sri Lanka, in addition to being able to invest in 50 new locations.
