Asia/Pacific News
Sinopec Moves Ahead with Sri Lanka Bunker Supply Plans
China's Sinopec has taken the next step for its Sri Lanka bunker supply plans, having announced Monday it has now set up a new fuel oil unit in the country.
The firm, Fuel Oil Sri Lanka Co Ltd, has been registered in Hambantota where the company plans to launch its bunkering operations.
The port's construction was financed by, and now is under the control of, Chinese interests who say its potential is "huge" and is a key part of the country's Belt and Road strategy.
Oil and gas giant Sinopec, also known as China Petroleum & Chemical Corporation, in April won the tenders to take control of bunkering projects at Hambantota.
The move was made after earlier efforts by the Sri Lanka Ports Authority (SLPA) to launch bunkering operations there underwhelmed.
