NEW DELHI: The stage is set for a long-drawn India-China proxy duel in Sri Lanka as Chinese major Sinopec begins retailing automotive fuels in the island nation from next month, challenging the position of Lanka IOC — the wholly-owned arm of Indian state-run giant IndianOil Corporation.
Lanka IOC has responded by mobilising expansion of its retail network and has floated EoIs for adding 30 new petrol pumps to its existing network of 250 outlets over the coming months.
Lanka IOC entered Sri Lanka in 2003 and cornered 16% of petrol and diesel sales as well as 35% of lubricants, bitumen and bunkering (marine fuel) last year in a duopoly with CYPETCO.
