Sinopec and China Merchant delegates in Colombo to enhance cooperation, investments

by Zulfick Farzan 13-03-2023 | 3:47 PM

COLOMBO (News 1st); Top delegations from the Sinopec Group (Ranking 5th in the Fortune Global 500 list of 2022) and the China Merchants Group (152nd) are currently visiting Sri Lanka.

The Chinese Embassy in Sri Lanka tweeted that the delegates are in the country to enhance cooperation and further investment on petroleum & chemicals, trade, and port & industrial park operation.

China Merchants Group:

China Merchants Group (CMG) is a state-owned backbone enterprise headquartered in Hong Kong.

CMG was founded in the Self-strengthening Movement in the late Qing Dynasty in 1872. As the first joint-stock company in modern China, it established the first merchant fleet, the first bank and the first insurance company in China, pioneering China's modern national shipping industry and driving the development of many other modern industries, and occupying an important position in the history of China's modern economic and social development.

China Merchants Group is also the parent company of the Hambantota International Port Group (HIPG).

Sinopec Corp:

China Petroleum & Chemical Corporation (Sinopec Corp) is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, strong oil & petrochemical core businesses and a complete marketing network.

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the production, sale, storage and transportation of refinery products, petrochemical products, coal chemical products, synthetic fibre, and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.