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 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,

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’.

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.

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.

During President Anura Kumara Disanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign

Dissanayake incidentally was a critic of the Hambantota port deal for its long-term lease while he was in the opposition.It was seen as a balancing act as last year India and Sri Lanka inked a deal to jointly develop 85 Word War II-era oil storage tanks at the strategic Trincomalee port in the eastern region of the country.