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Sinopec resumes oil depot operations at Hambantota Port in Sri Lanka

Sinopec resumes oil depot operations at Hambantota Port in Sri Lanka
Sinopec resumes oil depot operations at Hambantota Port in Sri Lanka

Having halted productions at various locations globally due to the outbreak of deadly coronavirus pandemic for nearly two months, Sinopec has decided to resume its oil depot operations at Hambantota Port in Sri Lanka.

Sinopec is China’s leading energy and chemical company. With resuming its operations in Sri Lankan port, the company has successfully refueled its first ship on 7th April. It has been estimated that the Hambantota Port oil depot would augment its bunkering service capabilities while offering a considerable boost in its constant effort of expanding the bunkering activity across the globe.

For the record, Hambantota Port is over ten nautical miles from the Indian Ocean sea lane and is therefore considered to be of prime geographical importance for the oil and gas operations. It has been reported that about half of the world’s container freight takes the route, and so do one-third bulk shipments and two-third oil shipments. Considering the strategic location, the port has stood out as one of the fundamental ports on the Belt and Road.

According to reliable reports, Sinopec Fuel Oil obtained all its rights for oil trading and operations and oil depot maintenance via global bidding in 2019. In line with this, the company also registered its wholly owned subsidiary in Sri Lanka the same year. Sinopec Fuel Oil is a crucial fuel oil and bunkering arm of the Sinopec Group.

In light of the present scenario, as the covid-19 outbreak is intensifying worldwide with considerable drop in fuel consumption, Sinopec is raising its commitment of deploying epidemic control measures and resuming production and operations in an effort to maintain a balanced foreign trade and economy by expanding its overseas bunkering business. At this crucial juncture, domestic professionals have offered remote support for inspection, approval, and jumpstart of operations, allowing the port to successfully furnish the first refueling mission at the new oil depot.

Currently, over more than 1.4 million people worldwide are corona positive while 88K deaths have been reported globally.

Source credit: https://www.prnewswire.com/news-releases/sinopec-continues-international-growth-begins-oil-depot-operations-at-sri-lankas-hambantota-port-301037999.html

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Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.