Sinopec starts business operation with successful handover of first filling station in Mattegoda
Friday, 1 September 2023 00:30 – – 276
Sinopec Lanka has officially commenced business operation and started fuel supply at its first franchising filling station in Mattegoda on Wednesday (30) marking a significant step towards enhancing Sri Lanka’s energy landscape.
Sinopec initiated the first round of market promotion measures with a pump discount of Rs. 3 per litre for petrol and diesel.
“We are honoured to mark the official launch of Sinopec’s business operations in Sri Lanka through the handover of our very first franchise filling station. Sinopec upholds its commitment to provide stable supply to the market, and to creating value for our partner and the customers,” Sinopec Lanka’s Executive Director noted in a statement.
Sinopec also noted that its supply plan is in motion to progressively hand over all 150 filling stations to Sinopec’s management before October. “Dealers provided excellent help before and during the dealership agreements signing procedure,” it added.
On 14 July, Sinopec Energy Lanka Ltd., signed an agreement with the Board of Investment (BOI) for a $ 100 million investment in the import, storage, and sale of petroleum in Sri Lanka. The agreement grants Sinopec Energy Lanka 20 years to operate the project, governed by the regulations outlined in the Sri Lanka Board of Investment Act No. 17. This enables Sinopec to have a total of 200 fuel stations countrywide, by assuming the control of 150 privately owned fuel outlets currently operated by the Ceylon Petroleum Corporation (CPC), and by additional 50 new filling stations.
Sinopec will offer a wide range of petroleum products through its fuel stations, including 92 and 95-octane petrol, 500 PPM diesel, diesel 10 COPPM, petroleum jet fuel, and other diesel and petroleum products.
It also noted that the existing agreement between Sinopec and the Power and Energy Ministry signed in May, will remain unchanged, demonstrating the collaborative effort to streamline operations and maximise efficiency.