Sinopec to start operations in Sri Lanka in Sept

COLOMBO, Aug 15 (Reuters): Chinese oil major Sinopec expects to start operations in Sri Lanka on Sept. 20 and will be allowed to sell fuel for less than the maximum retail price set by the government, Sri Lanka's power minister said on Tuesday.
Sinopec's entry into Sri Lanka will help reduce pressure on Sri Lanka's foreign exchange reserves, and the island nation expects two other international fuel operators to start operations by October and November, Kanchana Wijesekera said.
"Reducing pressure on our foreign exchange with Sinopec's entry will also help us increase fuel imports and strengthen the economy," Wijesekera told reporters.
Australia's United Petroleum and US firm RM Parks in collaboration with Shell are the other two companies that have received approval.