Sri Lanka's Largest FDI from China: Sinopec's $3.7 Billion Oil Refinery Project

Sri Lanka has secured its largest foreign direct investment (FDI) to date from China, with Sinopec committing $3.7 billion to construct a state-of-the-art oil refinery in the Hambantota region.

The refinery is designed to process 200,000 barrels per day, with a significant portion of its output intended for export, thereby enhancing Sri Lanka's foreign exchange earnings. This investment is anticipated to stimulate economic growth and improve livelihoods in the Hambantota area, with broader benefits expected for the entire nation. The agreement was formalized by Sri Lanka's Ministry of Energy and Sinopec, with key government officials present at the signing ceremony.