Sri Lanka achieved a historic milestone during President Anura Kumara Dissanayake’s four-day state visit to China by securing its largest foreign direct investment (FDI) to date, the President’s Media Division (PMD) announced.
This USD 3.7 billion investment was formalised on 16 January with the signing of an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese petroleum corporation. The agreement paves the way for the construction of a state-of-the-art oil refinery in the Hambantota region, with a production capacity of 200,000 barrels per day. A significant portion of the refinery’s output is earmarked for export, boosting Sri Lanka’s foreign exchange earnings.
The project is expected to provide a substantial boost to the country’s economic growth while uplifting low-income communities in the Hambantota area. Officials also highlighted the broader benefits for the Sri Lankan population as the initiative progresses.
The signing ceremony in China was attended by Minister of Foreign Affairs, Labour and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Director General of Government Information H. S. K. J. Bandara, alongside other dignitaries.
