China’s Sinopec signs agreement to enter retail fuel market in crisis-hit Sri Lanka

COLOMBO, Sri Lanka (AP) — Chinese petroleum giant Sinopec has signed an agreement with Sri Lanka to enter its retail fuel market. Monday’s agreement comes as the crisis-stricken Indian Ocean island nation struggles to resolve a worsening energy crisis amid unprecedented economic upheaval. The contract would enable Sinopec to import, store, distribute and sell petroleum products in Sri Lanka, which has been facing a fuel shortage for more than a year. China has been looking to consolidate investments in Sri Lanka’s ports and energy sector. The island nation’s immediate neighbor, India, considers Sri Lanka its strategic backyard and has raised security concerns about the Chinese investment push.