The first Sinopec filling station was opened in Mattegoda today after the government entered into an agreement with Chinese petroleum company Sinopec.
Sinopec initiated the first round of market promotion measures with a pump discount of 3 LKR per litre for petrol and diesel.
Its supply plan is in motion to progressively hand over all 150 filling stations to Sinopec’s management before October.
The government signed the agreement with Sinopec to ensure uninterrupted fuel supply to the country.
One of the key requirements for new retail suppliers entering the market was their ability to secure foreign exchange without depending on the domestic banking sector.
It was mandated that these companies source their own funds for fuel procurement through foreign sources, at least during the initial one-year period of operation.
