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Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date during President Anura Kumara Dissanayake’s four-day State visit to China. This significant achievement was formalised with the signing of an agreement between Sri Lanka’s Energy Ministry and Sinopec, a leading Chinese international petroleum corporation yesterday morning (16).
Under this US$ 3.7 billion investment, a state-of-the-art oil refinery with a capacity of 200,000 barrels will be constructed in the Hambantota region.
A substantial portion of the refinery’s output is planned for export, further enhancing the country’s ’s foreign exchange earnings. This major investment from China is expected to bolster Sri Lanka’s economic growth while uplifting the livelihoods of low-income communities in the Hambantota area. The benefits of this project are anticipated to positively impact the overall Sri Lankan population in the near future. The signing ceremony was attended by Foreign Affairs, Labour and Tourism Minister Vijitha Herath, Transport, Highways, Ports and Civil Aviation Minister Bimal Rathnayake and Government Information Director General H.S.K.J.Bandara among others.