China is set to invest more in Sri Lanka’s fuel market
China even presented their bid to President Wickremesinghe, who said Sri Lanka expects rapid growth following the schedule with the International Monetary Fund, from which a $2.9 billion bailout package is anticipated.
China expressed its strategies to enter Sri Lanka’s fuel market by funding importing, storing, distributing and providing fuel to the Indian Ocean island nation, which suffered a severe fuel problem.
China to finance in fuel market of Sri Lanka:
A group of spokespeople from China’s Sinopec Group met President Ranil Wickremesinghe on Monday and confirmed their willingness to meet the nation’s energy needs.
During the meeting, Wickremesinghe said the country had made a moral decision to expand fuel distribution, which is anticipated to begin shortly, President’s Media Division (PMD) revealed.
During Monday’s conference, Sinopec, China’s biggest supplier of oil and petrochemical products, told Sri Lanka that it was ready to fund the construction of a refinery in Hambantota, the island’s southernmost point- where there is a China-run dock.
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They also offered their bid to President Wickremesinghe, who said Sri Lanka anticipates rapid development following the schedule with the International Monetary Fund, from which a $2.9 billion bailout package is expected.
Wickremesinghe also said his desire to encourage and entice foreign businesses to operate within the government in the future, the PMD said.
The move will keep the entrance of the second private outdoor fuel supplier after India’s Lanka IOC, which operates the island’s vast distribution network with almost 200 retail outlets.
The state-run Ceylon Petroleum Corporation has nearly 80 per cent of the fuel market.
Source – DT Next
