Sri Lanka and China have taken yet another major step towards economic cooperation. In a landmark deal, Sri Lanka has secured a record-breaking $3.7 billion foreign direct investment with Sinopec, a Chinese state-run oil giant.

Sri Lanka’s Ministry of Power and Energy and China’s Sinopec Corporation have signed an agreement to build an oil refinery in Hambantota with an investment of USD 3

Sri Lanka and China did not mention the end of the former's moratorium on visits by foreign research vessels but indicated commitment to ‘maritime cooperation’.

Sri Lanka has secured its biggest-ever foreign investment after signing a deal with Chinese state-run oil giant Sinopec, officials said on Thursday. "During President Anura Kumara Dissanayake’s four-day state visit to China,

In the largest foreign investment ever, Sri Lanka has signed a deal worth $3.7 billion with China for the construction of an oil refinery in Hambantota. The deal comes after Sri Lanka scrapped the deal with an Indian company for the same refinery.

China has offered to invest USD 3.7 billion in Sri Lanka, stated to be the biggest-ever foreign investment in the island nation, to build a state-of-the-art oil refinery as the two countries signed a new plan to upgrade BRI cooperation during Sri Lankan President Anura Kumara Dissanayake's state visit here.