China secures another strategic investment in Sri Lanka

China’s Sinopec is to make an initial investment of US$1.5 billion, the single largest foreign direct investment (FDI), in building a refinery in Hambantota once the agreement is finalized within the next two weeks, a top source said.

China’s Sinopec is to make an initial investment of US$1.5 billion, the single largest foreign direct investment (FDI), in building a refinery in Hambantota once the agreement is finalized within the next two weeks, a top source said.

It remained a foregone conclusion in political circles that the company would be awarded the project, though the government says it is open to any company participating in the competitive bidding process.

Previously, Colombo Port City, another Chinese investment, remained the largest FDI project in Sri Lanka.

The source said Sinopec will make an investment of US$1.5 billion, but more money later in other related developments of the refinery.