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International Business Times
International Business Times
Business

Sri Lanka Signs Landmark $3.7 Bn Deal With Chinese State Oil Giant

Sri Lanka Oil Anura Kumara Dissanayake Sinopec Xi Jinping China Foreign Investment
Chinese President Xi Jinping (R) shakes hands with Sri Lankan President Anura Kumara Dissanayake during a signing ceremony at the Great Hall of the People in Beijing on January 15, 2025 (Credit: AFP)

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

Sinopec has agreed to invest $3.7 billion to construct a "state-of-the-art oil refinery" with a capacity of 200,000 barrels in the southern Hambantota region, according to the Sri Lanka president's media division.

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