Sinopec Signs $3.7 Billion Investment Deal During President’s China Visit

Sri Lanka has secured its largest-ever foreign direct investment (FDI) during President Anura Kumara Dissanayake’s four-day state visit to China. The $3.7 billion investment deal was formalized on 16 January with the signing of an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a major Chinese international petroleum corporation.

The investment will fund the construction of a state-of-the-art oil refinery in the Hambantota region, with a capacity of 200,000 barrels per day. A significant portion of the refinery’s output will be exported, boosting Sri Lanka’s foreign exchange earnings.

This project is expected to drive economic growth, create job opportunities, and improve the livelihoods of low-income communities in Hambantota. The benefits of the project are also expected to extend to the broader Sri Lankan population.

The signing ceremony was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Director General of Government Information H. S. K. J. Bandara, along with other key officials.