China’s Sinopec signs agreement to enter retail fuel market in crisis-hit Sri Lanka

BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Chinese petroleum giant Sinopec signed an agreement with Sri Lanka on Monday to enter into it’s retail fuel market as the crisis-stricken Indian ocean island nation struggles to resolve a worsening energy crisis amid an unprecedented economic upheaval. The contract agreement would enable Sinopec to import, store, distribute and sell petroleum products in Sri Lanka, which has been facing a fuel shortage for more than a year. The move comes as Beijing looks to consolidate investments in Sri Lanka’s ports and energy sector amid growing security concerns raised by the island nation’s immediate neighbor India, which considers Sri Lanka its strategic backyard.