China’s Sinopec signs agreement to enter retail fuel market in crisis-hit Sri Lanka

Chinese petroleum giant Sinopec signed an agreement with Sri Lanka on Monday to enter the South Asian island country’s retail fuel market as it struggles to resolve a worsening energy crisis amid an unprecedented economic upheaval.

The contract agreement would enable Sinopec to import, store, distribute and sell petroleum products in Sri Lanka, which has had a fuel shortage for more than a year.

The move comes as Beijing looks to consolidate…