Sri Lanka achieved a milestone on Thursday (16) with the signing of its largest-ever foreign direct investment agreement, during President Anura Kumara Dissanayake’s official visit to China.
The $3.7 billion deal, inked between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese international petroleum corporation, paves the way for constructing a cutting-edge oil refinery in the Hambantota region. With a production capacity of 200,000 barrels per day, the refinery will dedicate a significant portion of its output to exports, boosting Sri Lanka’s foreign exchange reserves.
This transformative investment is poised to fuel Sri Lanka’s economic growth, create job opportunities, and uplift low-income communities in Hambantota. The ripple effects of this project are expected to benefit the broader Sri Lankan population, contributing to long-term economic stability.
The signing ceremony saw the presence of prominent officials, including Minister of Foreign Affairs, Labour, and Tourism Vijitha Herath; Minister of Transport, Highways, Ports, and Civil Aviation Bimal Rathnayake; and Director General of Government Information H. S. K. J. Bandara, along with other dignitaries.
This landmark initiative underscores Sri Lanka’s growing ties with China and its commitment to driving sustainable development through international partnerships.
