In March 2019, Sinopec Fuel Oil Sales Company was awarded by The Hambantota International Port Group(HIPG), a tender for oil trading work and the operation and maintenance of their oil tank terminal along with associated facilities.

To conduct the aforementioned businesses, Sinopec Fuel Oil Lanka (Private) Limited (SFOL) was established in 2019. The company is registered under BOI as a hub company based in Hambantota. SFOL’s main business is Marine Fuel Oil and Marine Gas Oil, and leased a tank farm with a capacity of 74,000 cubic meters located in HIPG energy center.

In May 2023, Sinopec entered the 'Long Term Contract for Importation, Storage, Distribution and Sale of Petroleum Products in Sri Lanka' with Ministry of Power and Energy (MOPE) in Sri Lanka.

As per the contract, MOPE shall deliver the license to import, store, supply, distribute, and sell Petroleum Products to Identified Fuel Stations to the new incorporated entity of Sinopec in Sri Lanka. Thus, Sinopec Energy Lanka (Private) Limited (SEL), which was registered on June 2023, and entered into an agreement with Board of Investment (BOI) on July.