Colombo, Sri Lanka – In a groundbreaking development for the energy sector in Sri Lanka, the China-based Sinopec Fuel Oil Sales Company Ltd is set to expand its presence by entering the local oil refining market in October this year, according to a statement by Minister of Power and Energy Kanchana Wijesekera.
The Minister made this announcement during a Sinopec dealer felicitation ceremony held in Colombo. This move comes on the heels of China Petroleum & Chemical Corp’s official entry into Sri Lanka’s fuel retail market, which was disclosed during a felicitation event for local distributors also held in Colombo.
Under the terms of the agreement inked between Sinopec and the Ministry of Power and Energy of Sri Lanka, Sinopec has secured a 20-year license to franchise 150 existing filling stations throughout the country and invest in an additional 50 filling stations. This partnership signals a significant step forward in Sri Lanka’s energy landscape.
With an impressive annual production capacity exceeding 250 million tons, Sinopec is poised to leverage its strengths to provide the nation with stable, high-quality oil products.
One of the key aspects of this expansion is the transformation of existing sites. Sinopec will undertake a comprehensive site transformation project, upgrading facilities and equipment at filling stations across Sri Lanka. This initiative aims to enhance the ambiance and safety of these stations, ensuring their smooth operation.
Simultaneously, Sinopec is committed to enhancing the overall customer experience. The company plans to innovate its service concepts, introducing trilingual customer service and elevating the service quality at filling stations. These efforts are geared towards optimizing the service experience for consumers.
The launch of Sinopec’s retail fuel operations in Sri Lanka was celebrated at an event held in Colombo on September 25th, marking a significant milestone in the energy sector. Minister Kanchana Wijesekera emphasized that this energy partnership will strengthen the availability, quality, and affordability of fuel in Sri Lanka, benefitting both consumers and the nation as a whole.
The event was attended by various dignitaries, including China’s Ambassador to Sri Lanka Qi Zhenhong, Executive Director of Sinopec Fuel Oil Sales Yang Junze, and officials representing ministries, government institutes, the Embassy of the People’s Republic of China, the Sinopec group, industry stakeholders, and Sinopec dealership partners. The presence of these key figures underscores the importance of this collaboration in shaping Sri Lanka’s energy future.
