Arrival of Sinopec’s First Fuel Cargo and Expansion of Retail Operations


Minister of Power and Energy, Kanchana Wijesekara, announced that the first fuel cargo from Sinopec, a leading Chinese oil company, has commenced discharging at the country’s ports. This marks a major milestone further enhancing the energy security and supply in the nation.

The Minister revealed that the arrival of the second fuel cargo from Sinopec is expected August 2, further bolstering the country’s petroleum reserves and ensuring a steady supply for consumers.

One of the key benefits of the partnership with Sinopec is the entry of new retail suppliers to the domestic market. This development is expected to ease the foreign exchange requirements for petroleum products. The new suppliers will operate under a unique arrangement that allows them to bring in products on a 12-month financing facility from their principal investors. Remarkably, this financing facility will not necessitate any forex requirements from the domestic financial institutes, potentially reducing the financial burden on the country’s economy.

Furthermore, Sinopec is gearing up to make its mark in the local retail petroleum market, planning to commence operations with 150 fuel stations spread across the island once agreements with fuel station dealers are signed and finalized. This strategic move is expected to enhance the accessibility of petroleum products to consumers while increasing competition and driving down prices in the retail sector.


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