Sri Lanka approved a proposal by China’s Sinopec to build a $4.5 billion refinery, making it the largest single investment in the island nation since a crippling economic crisis last year.
“Cabinet approval has been granted today to award the contract to China Petroleum & Chemical Corporation (SINOPEC) of China, to enter into an agreement to establish a new Petroleum Refinery & Associated Product Processing center in Hambantota.” Energy Minister Kanchana Wijesekara tweeted.