China Commits Record $3.7 Billion Investment in Sri Lanka's Oil Refinery Amid Strengthened BRI Ties

China has pledged a historic USD 3.7 billion investment in Sri Lanka for a state-of-the-art oil refinery. This is part of enhanced Belt and Road Initiative cooperation between the nations, following agreements signed during Sri Lankan President Anura Kumara Dissanayake's state visit to China.

China has committed USD 3.7 billion for Sri Lanka's largest-ever foreign investment, marking a transformative deal to construct a sophisticated oil refinery. This development coincides with a newly signed agreement to enhance Belt and Road Initiative (BRI) cooperation during President Anura Kumara Dissanayake's visit to China.

During his visit, President Dissanayake met with key Chinese leaders, including Premier Li Qiang and the Chairman of China's National People's Congress, Zhao Leji, to discuss opportunities for further Chinese investments. The visit culminated in fifteen agreements, underscoring strengthened bilateral ties.

The oil refinery, planned at Hambantota, will process 200,000 barrels daily. Despite past criticisms of Hambantota port deals during Dissanayake's time in opposition, this investment signifies a strategic partnership, addressing past tensions while securing economic advantages for Sri Lanka.

(With inputs from agencies.)