The world’s biggest refiner, China Petroleum & Chemical Corporation, or Sinopec, is accelerating plans to build its first fully-owned refinery outside China. Sinopec is set to complete a feasibility study in June to build one or two refineries in Sri Lanka as China looks to capitalize on its foreign investments. China Merchants Port Holdings has developed and operates the Hambantota port in Sri Lanka, an island very close to India.
Related Oil Prices Are Set for a Weekly Gain as Yellen Sees Inflation Falling Another major priority for Sinopec is a planned expansion of the Yanbu refinery with a petrochemicals complex in Saudi Arabia, where joint venture partners Sinopec, Saudi Aramco, and SABIC are exploring the idea of adding a new petrochemical complex to be integrated with the existing refinery. If Sinopec’s project in Sri Lanka goes through, it would be the first fully-owned refinery of the refining giant abroad.