Power and Energy Minister Kanchana Wijesekera announced the decision via ‘X’ yesterday.

The proposed refinery project is expected to invest a minimum of $ 4 billion to be built in the Industrial Zone at the Hambantota Port.

Sinopec, stands as the largest oil and petrochemical products supplier and the second-largest oil and gas producer in China, bringing its expertise to the table for this venture, signalling a strategic partnership between Sri Lanka and China.

The firm holds the distinction of being the largest refining company and the third-largest chemical company worldwide. The company’s extensive network comprises a large number of gas stations, ranking it second globally. In 2021, Sinopec secured the fifth spot on Fortune’s Global 500 List.