Sinopec Pledges to Fast-Track New Hambantota Refinery

A high-level delegation from China’s Sinopec Group has assured Sri Lanka’s Minister of Foreign Affairs, Vijitha Herath, that the company will expedite the commencement of its proposed oil refinery project in Hambantota.

The delegation, led by Sinopec Vice Chairman Liu Liangong, met with Minister Herath at the Ministry to discuss the status of the refinery. The project, estimated to be valued at USD 3.7 billion, is designed to produce up to 200,000 barrels of oil per day upon completion.

Vice Chairman Liangong acknowledged Minister Herath’s assistance in resolving numerous long-standing issues, which had previously delayed the project for years and allowed the project agreement to be signed successfully in January of this year.

Despite this progress, Mr. Liangong highlighted several remaining challenges that are affecting the project’s launch and requested the Minister’s immediate intervention. Minister Herath, in turn, assured the Sinopec delegation that he would personally work to resolve the outstanding issues swiftly, emphasizing the positive economic impact of such substantial foreign investments. Both parties reached a mutual agreement to commence the project without further delay.

The Sinopec delegation is also scheduled to hold follow-up discussions with the Ministry of Power and Energy, the Board of Investment (BOI) and other relevant government agencies.

Source: 

https://www.dailymirror.lk/print/breaking-news/Sinopec-assures-speedy-commencement-of-new-Hambantota-refinery/108-322338