Sri Lanka signs landmark $3.7 bn deal with Chinese state oil giant

Sri Lanka has secured its biggest-ever foreign investment after signing a deal with Chinese state-run oil giant Sinopec, officials said on Thursday. Sinopec has agreed to invest $3.7 billion to construct a “state-of-the-art oil refinery” with a capacity of 200,000 barrels in the southern Hambantota region, according to the Sri Lanka president’s media division. “During President Anura Kumara Dissanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date,” it said.