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China’s Sinopec has agreed to double the US$ 4.5 billion investment to US$ 9 billion for their oil refinery to be built in Hambantota.
According to a spokesman for the Ministry of Power and Energy, the company has decided to double crude oil refining capacity. The refinery’s construction will commence in June.
Negotiations are being held on the provision of facilities for the refinery and also provision of Board of Investment facilities. After the construction of the refinery, the company will take steps to provide fuel at a subsidised price, the spokesman said.
