First Sinopec fuel cargo commence discharging

Sinopec fuel station

(Photo: IANS)

First fuel cargo of Sinopec has commenced its discharging process, while the second cargo will arrive in Sri Lanka tomorrow (August 02), Minister of Power and Energy Kanchana Wijesekera said.

In a Twitter message, Wijesekera expressed that the entry of new retail suppliers to the domestic market will ease the foreign exchange (forex) requirements for petroleum products as the suppliers will bring in products on a 12-month financing facility from their principal investors with no forex requirements from the domestic financial institutes.

Accordingly, Sinopec will commence retail petroleum operations with 150 fuel stations islandwide, once the agreements with fuel station dealers are signed and finalized, he added.