Sri Lanka and China's $3.7 Billion Refinery Deal

Sri Lanka's foreign minister announced a new agreement with China to expedite Sinopec's $3.7 billion refinery project in Hambantota, focusing on resolving land, tax, and water issues quickly.

Sri Lanka's foreign minister revealed a significant development on Wednesday concerning the island nation's economic landscape. An agreement has been inked with China to accelerate Sinopec's ambitious $3.7 billion refinery initiative in Hambantota.

The project, envisaged to bolster the nation's economic growth, aims to address crucial land, tax, and water concerns. Efforts to resolve these challenges are set to conclude within a month, according to Foreign Minister Vijitha Herath, who addressed reporters on the matter.

This agreement symbolizes a strengthened partnership between Sri Lanka and China, casting the spotlight on Sinopec's role in enhancing energy infrastructure and reinforcing international economic ties.

(With inputs from agencies.)