🚨 Sri Lanka-China Ink $3.7B Oil Refinery Deal 🇱🇰🇨🇳

⭕ Sinopec to invest $3.7B in a 200,000-barrel oil refinery in Hambantota, adjacent to the Chinese-owned Hambantota port.

⭕ A substantial portion of the refinery’s output is planned for export, boosting 🇱🇰 foreign exchange earnings.

⭕ Expected to drive economic growth & uplift low-income communities in Hambantota.

⭕ The project positions 🇨🇳 strongly in Sri Lanka amidst competing global interests from 🇮🇳 & others.

⭕ The deal has been a long time in the making. Sri Lanka reportedly reviewed 7 EOIs, but Sinopec was always viewed as the favorite to win the project from the very beginning.

#SriLanka #China