Sinopec begins fuel delivery to Sri Lanka

COLOMBO, Aug. 1 (Xinhua) -- Sinopec, a leading international petroleum company which signed an agreement with Sri Lanka, brought its first cargo of fuel to be distributed in the local market, Power and Energy Minister Kanchana Wijesekara said on Tuesday.

The minister said on his Twitter that the second cargo would arrive on Wednesday. He noted that the entry of such suppliers into the domestic market would ease the foreign exchange requirements from the local financial institutions since they would bring stocks from their principal investors on a 12-month credit facility.

Sinopec will start fuel distribution in Sri Lanka through 150 filling stations throughout the country under the agreement signed with the Sri Lankan side.

Sri Lanka has taken steps to allow three foreign companies that intend to enter the fuel retail market in the country.