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Sri Lanka signs landmark $3.7 bn deal with Chinese state oil giant

Sri Lanka has signed a $3.7 billion deal with China for an oil refinery in Hambantota, marking the largest foreign investment ever in the country.
The refinery will have a capacity of 200,000 barrels and is aimed at boosting exports and creating jobs, according to President Anura Kumara Dissanayake.
This deal follows Sri Lanka's cancellation of a previous contract with an Indian-Omani group, showcasing a shift towards China despite past opposition from Dissanayake.
Concerns arise that the refinery could deepen Sri Lanka's debt dependency on China, potentially turning into another strategic outpost near India.

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The Rio Times

China's $3.7 Billion Oil Refinery Deal Reshapes Sri Lanka's Economic Landscape

Sri Lanka secured its largest foreign direct investment to date with a $3.7 billion deal from China’s Sinopec. The agreement, signed during President Anura Kumara Dissanayake’s visit to China, will fund a state-of-the-art oil refinery in Hambantota. This landmark investment marks a significant shift in Sri Lanka’s economic strategy and its relationship with China. The […]

2 months ago·Brazil

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Nikkei

China and Sri Lanka eye new phase of BRI with $3.7bn investment

BANGKOK -- Sri Lankan President Anura Kumara Dissanayake will wrap up his inaugural visit to China Friday after securing a landmark investment deal th

2 months ago·Japan

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Firstpost News

Hambantota again? Is Sri Lanka getting into the same China trap?

In the largest foreign investment ever, Sri Lanka has signed a deal worth $3.7 billion with China for the construction of an oil refinery in Hambantota. The deal comes after Sri Lanka scrapped the deal with an Indian company for the same refinery.

2 months ago·Mumbai, India

Sri Lanka signs landmark US$3.7 billion deal with Chinese state oil giant

BEIJING: Sri Lanka has secured its biggest-ever foreign investment after signing a deal with Chinese state-run oil giant Sinopec, officials said on Thursday (Jan 16). Sinopec has agreed to invest US$3.7 billion to construct a "state-of-the-art oil refinery" with a capacity of 200,000 barrels in the so

2 months ago·Singapore

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France24

+4 Reposted by 4 other sources

Sri Lanka signs landmark $3.7 bn deal with Chinese state oil giant

Sri Lanka has secured its biggest-ever foreign investment after signing a deal with Chinese state-run oil giant Sinopec, officials said on Thursday.

2 months ago·France

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The Economic Times

China's new deal with Sri Lanka: Should it worry India?

Sri Lanka will receive its largest FDI from China with a $3.7 billion investment in an oil refinery under China's BRI. Sinopec's refinery deal competes with India's strategic interests in Sri Lanka's energy market. Sri Lanka balances interests between the two nations amidst economic challenges caused by debt, including Chinese loans.

2 months ago

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