Sinopec, one of the three companies selected to operate in the fuel sector in the country, signed an MOU with the Board of Investment to operate and Set up fuel stations for distribution in Sri Lanka yesterday.

Sinopec has invested US $100 million in the project, which includes the import, storage, and sale of fuel.

The project will involve 150 privately owned fuel outlets currently operated by the Petroleum Corporation. Additionally, 50 new fuel stations will be established.