As part of Sri Lanka’s new agreement to strengthen BRI cooperation during Sri Lankan President Anura Kumara Dissanayake’s state visit to China, China has made an offer to invest$ 3.7 billion in the island nation to construct a state-of-the-art oil refinery at Hambantota. It is believed to be the largest foreign investment in the island nation.
In his address to Chinese companies on Thursday, Dissanayake discussed expanding Foreign investment with Chinese Premier Li Qiang and Chairman of the National People’s Congress Zhao Leji.
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Dissanayake and Xi Jinping had spoken a moment earlier, and the two leaders signed 15 agreements.
The Sri Lankan government’s media department said in a press release that the agreement was “formalized this morning with the drafting of Conglomerate, a leading Chinese global petroleum corporation,” in accordance with a press release.
The factory will be able to produce two million barrels.
As a debt-transfer, China has secured the proper Hambantota slot in the Indian Ocean on a 99-year contract.
