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Fuel Market Presence in Sri Lanka
Approximate distribution of fuel station operations across major players.
Primary Sources
Técnicas Reunidas and Sinopec resume Hassi Messaoud refinery project in ...
Home In the World 28th November 2024 Renta 4: The company has informed the CNMV of the relaunch of the Hassi Messaoud refinery project in Algeria. It should be recalled that this contract was awarded at the end of 2019 to Técnicas Reunidas (55%) in consortium with Samsung (45%) for an amount of $3.7 billion, $2 billion for Técnicas Reunidas. The new contract amounts to $4 billion and will be carried out by a new joint venture formed by Técnicas Reunidas (51%) and Sinopc (49%) for $4 billion, close to $2 billion for Técnicas Reunidas. Assessment: This is positive news as it reactivates a project that had been stalled for almost five years and which was part of the portfolio. That said, the Técnicas Reunidas portfolio is not affected by this relaunch. We value this news positively as it confirms the regularisation of relations with Algeria, which may give greater visibility to the recovery of all or part of the €80 million guarantee executed in another contract in Algeria by Sonatrach. We reiterate our recommendation to OVERWEIGHT with a P.O. of 20.4 eur/share. About the Author The Corner The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read More
USD 3.7 bn H'tota refinery: China won't launch project without bigger ...
China has declared that China Petroleum and Chemical Corporation (SINOPEC) will not proceed with the USD 3.7 bn Hambantota oil refinery project unless a consensus could be reached on the percentage of the output that could be sold in the local market. China has informed the NPP government that SINOPECwill not be able to sustain the project in terms of the original agreement that stipulated that 80% of the output be exported and 20 % sold in the Sri Lankan market, according to sources familiar with the issue. Once fully operational, the strategic facility will be able to process 200,000 barrels of crude oil a day. The proposed facility, together with the Hambantota International port, which was taken over by China in 2017 on a 99-year lease, emphasise significant Chinese presence in the country. SINOPEC with about 12% market share is among the foreign companies engaged in fuel distribution in Sri Lanka at the moment. Other foreign players are Lanka India Oil Company (LIOC) and joint venture by Shell Brands International AG (Shell) and RM Parks (Private) Limited, the latter being the latest entrant. LIOC entered the market way back in 2003 during Ranil Wickremesinghe’s tenure as the Prime Minister. LIOC holds the second biggest market share with 211 fuel stations with SINOPEC being third and joint Shell Brands International AG (Shell) and RM Parks (Private) Limited in fourth place. CPC remains the market leader with some 800 odd fuel stations countrywide. Sources said that whatever the Chinese and Sri Lankan government representatives said in public the launch of the project primarily would depend on a new formula. The Island learns that the Chinese expect to sell 30% of the output here. “The Chinese are of the view that 20% share is not sufficient to sustain the project,” sources said. Sri Lanka and China in January 2025 announced plans for the SINOPEC project dubbed the largest single Chinese direct investment here following President Anura Kumara Dissanayake’s three-day state visit to Beijing. Dissanayake’s delegation included Minister of Foreign Affairs, Employment and Tourism Vijitha Herath, Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, and Sri Lankan Ambassador to China, Majintha Jayesinghe. Outspoken Chinese Ambassador to Sri Lanka Qi Zhenhong was also present at all key meetings with representatives of China Petrochemical Corporation (SINOPEC Group), China Communications Construction Company Ltd (CCCC), China Merchants G...
Crude Oil Refining and Petrochemicals Operations - TotalEnergies
Total's refining and petrochemicals operations transform crude oil and natural gas into finished products or intermediates for chemicals.
Refining News | Today's Latest Stories | Reuters
Reuters.com is your online source for the latest news stories and current events, ensuring our readers up to date with any breaking news developments
