Sinopec to conduct feasibility study for refinery in Lanka

Chinese energy giant Sinopec is advancing its global strategy as it seeks to establish its first fully controlled overseas refinery in Sri Lanka, reported Reuters.

The company is expected to complete a feasibility study by June for a plant at the Hambantota port, following approval from Colombo last November, industry sources told the news agency.

This move, a major change in Sinopec’s foreign strategy, is perceived as a reaction to China’s slowing increase in demand.

Sri Lankan officials estimate the proposed investment at $4.5 bn, making it the country’s largest-ever foreign investment.