First two Sinopec fuel shipments to arrive in Sri Lanka in August

Sinopec fuel station

(Photo: IANS)

The first two shipments of fuel under the agreement with China’s Sinopec are due to arrive in Sri Lanka in the first week of August, State Minister of Petroleum D.V. Chanaka said.

Meanwhile, he assured that a Maximum Retail Price (MRP) will be stipulated by the Government to all fuel companies under the price formula from August.

Sri Lanka signed a contract agreement with Sinopec in May, 2023, in response to the ongoing foreign exchange crisis.

Under the new deal the Chinese firm will be given a 20-year licence to operate 150 fuel stations and will also be able to invest in 50 new fuel stations.