An agreement to operate and establish filling stations for distribution in Sri Lanka was signed by Sinopec Energy Lanka (Pvt) Limited and the Board of Investment of Sri Lanka (BOI) on Friday, July 14.
The project, which entails the import, storage, and sale of petroleum, has received a $100 million investment from Sinopec.
150 privately owned fuel stations currently run by the Petroleum Corporation will be a part of the initiative.
The BOI also stated that 50 new fuel stations would be built.
In accordance with Sri Lanka Board of Investment Act No. 17, the agreement permits the project to run for 20 years under Sinopec Energy Lanka’s management. In addition to 92 and 95 octane petrol, 500 PPM diesel, diesel 10 COPPM, petroleum jet fuel and other diesel and petroleum goods, Sinopec will supply a variety of petroleum products.
