China Petroleum & Chemical Corporation, or Sinopec, and Sri Lanka are to finalise the deal on retail fuel sales.

Power and Energy Minister Kanchana Wijesekera said that a team of Sinopec officials and technical experts visited Sri Lanka to finalize the agreements and commence operations for retail fuel sales.

The Minister said that he met the officials at the Ministry to discuss a timeline, conditions on the agreement and other concerns.

It was decided to sign the agreements by mid May and commence operations 45 days from signing.

Cabinet recently approved a proposal to enter into agreements with Sinopec of China, United Petroleum Company of Australia and M. Parks Company of the United States of America for the importation, storage, distribution, and sale of petroleum in Sri Lanka.

The Government said that 26 companies had submitted proposals for the importation, storage, distribution, and sale of petroleum in Sri Lanka on long-term contracts.

Among these, 13 eligible companies had been recommended by the special committee appointed by the Cabinet and seven companies had submitted detailed proposals.

Accordingly the Cabinet of Ministers approved the proposal presented by the Minister of Power and Energy to enter into a contract with the 3 companies on long term contracts as per the provisions of the Petroleum Products (Special Provisions) (Amendment) Act No 33 of 2022, based on the recommendations made by the Technology Appraisal Committee, the Cabinet Appointed Special Committee and the Procurement Appeal Board. (Colombo Gazette)

MENAFN26042023000190011042ID1106104879