In the landmark move to enhance Sri Lanka’s energy sector, the island nation has signed a significant deal of $3.7 billion with the leading Chinese oil giant. The agreement marks a major step in Sri Lanka’s efforts to expand its oil refinery capacity and infrastructure. With this partnership, Sri Lanka is expecting to transform the country’s energy landscape.
This deal tends to be the biggest foreign investment in the island nation. Sri Lankan President Anura Kumara Dissanayake is on a China tour these days. On Thursday, he met Chinese Premier Li Qiang and the chairman of the standing committee of the National People’s Congress, Zhao Leji and signed the deal. In the meeting, the Sri Lankan President also pitched for more Chinese investment.
According to the press release by the Sri Lankan President’s media vision, the deal was “formalised this morning with the signing of the agreement between Sri Lankan minister of energy and Sinopec, a leading Chinese international petroleum corporation.”
China has secured Hambantota port in the Indian Ocean for at least 99 years with this agreement.
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However, this $3.7 billion agreement underscores the growing economic relationship between Sri Lanka and China and signals the potential for further collaborative ventures in the future.
