Sinopec to Fast-Track $3.7B Hambantota Oil Refinery

COLOMBO (News 1st); Chinese energy giant Sinopec has pledged to expedite the launch of the long-delayed Hambantota oil refinery project, following high-level discussions with Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath in Colombo today (15).

A delegation led by Sinopec Vice Chairman Liu Liangong, comprising ten senior officials, met the Minister to review progress on the USD 3.7 billion investment and address outstanding issues that have stalled the project for years.

The refinery, designed to produce up to 200,000 barrels per day, is expected to be one of the largest energy infrastructure projects in Sri Lanka.

Liu expressed appreciation for the Minister’s support in resolving major hurdles, noting that the project agreement was successfully signed in January this year after prolonged negotiations.

He also raised several remaining concerns impacting the commencement of construction and requested swift intervention to clear them, stressing the strategic importance of the project for both nations.

Minister Herath assured full cooperation to resolve pending matters without delay, citing the positive impact of foreign investments on Sri Lanka’s economy.

Both parties agreed to begin work immediately.

The Sinopec delegation is also scheduled to hold discussions with the Ministry of Power and Energy, the Board of Investment, and other relevant agencies to finalize operational details.