Global leading law firm Herbert Smith Freehills has advised Sinopec Fuel Oil on the signing of a long term contract for importation, storage, distribution and sale of petroleum products in Sri Lanka. The deal marks Sinopec's entry into the country's retail fuel market.
The signing ceremony took place at the Presidential Secretariat on 22 May 2023, with representatives from both the Sri Lankan Government and executives of the Ceylon Petroleum Corporation and Ceylon Petroleum Storage Terminals Limited, as well as Sinopec in attendance.
Under the terms of the agreement, Sinopec has a 20-year right to operate 150 existing fuel stations and will also be able to invest in 50 new fuel stations.
Herbert Smith Freehills partner and head of the China energy practice Monica Sun led the team advising Sinopec on the deal, supported by Beijing associates Qiujie Tan and Linda Gao.
"We are delighted to have advised Sinopec on achieving this ground-breaking deal," said Monica. "This transaction is one of the latest global investments by Sinopec on which we have advised."