Sinopec Continues International Growth, Begins Oil Depot Operations at Sri Lanka's Hambantota Port

General Press Releases Thursday April 9, 2020 12:41
BEIJING--9 Apr--PRNewswire/InfoQuest

China Petroleum & Chemical Corporation ("Sinopec"), China's leading energy and chemical company, officially commenced operations at its newly established oil depot at Hambantota Port in Sri Lanka, successfully refueling its first ship on April 7. Impacting primarily Northeast Africa and South Asia's oil market, Sinopec's Hambantota Port oil depot will enhance its comprehensive bunkering service capabilities, as a significant boost in its continued effort to expand its bunkering activity around the world.

Located on the southern
tip of Sri Lanka, Hambantota Port is only ten nautical miles from the central
Indian Ocean sea lane and is therefore of prime geographical importance. More
than 1/2 of the world's container freight takes this route, as does 1/3 of bulk
shipments and 2/3 of oil shipments. Given its strategic location, Hambantota
Port has emerged as a key port on the Belt and Road. In 2019, Sinopec Fuel Oil
obtained rights for oil trading and operations as well as oil depot maintenance
through global bidding and subsequently registered a wholly-owned subsidiary in
Sri Lanka.
As the COVID-19 outbreak
intensifies around the world and fuel consumption drops, Sinopec has been
committed to implementing epidemic control measures and resuming work and
production, heeding the Chinese government's call to maintain stable foreign
trade by expanding its overseas bunkering business. Prior to the start of the
oil depot's operations, Sinopec Fuel Oil overcame the adverse impact unleashed
by the outbreak by quickly adopting cloud office solutions. During this time,
domestic experts provided remote support to inspect, approve, and jumpstart
operations, enabling the port to successfully realize the first refueling
mission at the new oil depot.
Sinopec Fuel Oil is the
fuel oil and bunkering arm of Sinopec Group. With the vision to build a
world-class integrated bunkering services provider and clean energy supplier,
Sinopec's current fuel supply capacity covers more than 40 key ports
domestically and overseas, supplying oil to more than 10,000 ships annually
around the world.
About Sinopec
Sinopec Corp. is one of
the largest integrated energy and chemical companies in China. Its
principal operations include the exploration and production, pipeline
transportation and sale of petroleum and natural gas; the sale, storage and
transportation of petroleum products, petrochemical products, coal chemical
products, synthetic fibre, fertiliser and other chemical products; the import
and export, including an import and export agency business, of petroleum,
natural gas, petroleum products, petrochemical and chemical products, and other
commodities and technologies; and research, development and application of
technologies and information.
Sinopec sets 'fueling
beautiful life' as its corporate mission, puts 'people, responsibility,
integrity, precision, innovation and win-win' as its corporate core values,
pursues strategies of value-orientation, innovation-driven development,
integrated resource allocation, open cooperation, and green and low-carbon
growth, and strives to achieve its corporate vision of building a world leading
energy and chemical company.
Photo - https://photos.prnasia.com/prnh/20200409/2773251-1
Caption: Sinopec Continues International Growth, Begins Oil
Depot Operations at Sri Lanka’s Hambantota Port.
Logo - https://photos.prnasia.com/prnh/20190814/2551581-1LOGO

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