By: Staff Writer
June 06, Colombo (LNW): United Petroleum, an independent, 100% Australian-owned fuel and Convenience Company, has made arrangements to Begin operations by July or August this year after successfully completing the application to acquire a license to venture into Sri Lanka’s retail petroleum products market.
United Petroleum is the final foreign entity among three to fulfill the government’s formalities for market entry.
This follows the Sri Lankan government’s decision to diversify its retail petroleum sector by granting licenses to international firms including China’s Sinopec, United Petroleum, and U.S.-based RM Parks in partnership with Shell PLC.
United Petroleum Australia, , will start their operations by the end of July or beginning of August this year, taking over 150 existing fuel stations and building over 50 new stations, Director of United Petroleum Lanka Private Limited in Sri Lanka Dr. Prabhat Samarasinghe said.
He said that United Petroleum Lanka Pvt Ltd made a deal with Sri Lanka’s Board of Investments (BoI). This deal is part of an agreement with the Power and Energy Ministry to supply petroleum products in Sri Lanka.
United Petroleum Australia has created a company in Sri Lanka called United Petroleum Lanka Private Limited.
This company will take over 150 existing gas stations and has permission to build 50 new ones under United’s name.
The total investment for this project will be around 300 million USD. To start, they will invest 12 million USD, with plans to invest the rest within a year.
While operating in Sri Lanka, the company does not plan to engage in a price war but will offer various benefits to consumers.
The quality of the petroleum products will match that in Australia, with a strong focus on maintaining high standards.
United Petroleum Australia Pvt Ltd is a top petroleum trading company in Australia, with over 500 gas stations across the country.
United Group also has other businesses in Australia and Singapore, and this is their first time expanding their retail petroleum business outside Australia.
United Petroleum Lanka Pvt Ltd has entered into a contract on June 4th 2024 with Board of Investment of Sri Lanka (BOI) with an Investment of U$ 27.5 Million, as part of the agreement signed between Ministry of Power & Energy to supply Petroleum products in Sri Lankan Market. This event came into live after selecting the company based on RFP issued by Sri Lankan government to further liberalizing the country’s retail petroleum sector early last year.
