Power and Energy Minister Kanchana Wijesekera announced via Twitter that China Petroleum and Chemical Corporation (Sinopec) has begun releasing the first batch of fuel, with the second batch set to arrive tomorrow (02).
The entry of new retail suppliers, including Sinopec, into the local market is expected to alleviate foreign exchange requirements for petroleum products.
Following the agreements with gas station dealers, Sinopec will commence retail petroleum operations at 150 gas stations across Sri Lanka. This development follows the government’s announcement in April that Sinopec, along with United Petroleum of Australia and RM Parks Shell Plc of the United States, will be entering Sri Lanka’s retail market. These companies have been granted a license valid for 20 years to import, store, and distribute fuel in the country.
