August 24, Colombo (LNW): United Petroleum, a fully Australian-owned independent fuel and convenience company, has entered Sri Lanka’s retail petroleum market.
The company’s official launch took place on Thursday, 22nd August. According to Sri Lanka’s Minister of Power and Energy, Kanchana Wijesekara, United Petroleum will begin its retail fuel operations in September 2024 with 150 dealer-owned and operated fuel stations.
This entry marks United Petroleum as the fourth retail operator in the Sri Lankan fuel market, joining Lanka IOC, Sinopec, and RM Parks-Shell.
United Petroleum of Australia had earlier signed an agreement on 22nd February with Sri Lanka’s Ministry of Power and Energy to supply petroleum products locally.
The agreement was signed by Dr. Sulakshana Jayawardena, Secretary to the Ministry, representing the Sri Lankan government, and Eddie Hirsch, representing United Petroleum as the company’s owner.
As part of this agreement, United Petroleum was allocated 150 fuel stations across Sri Lanka and granted permission to establish 50 additional stations.
To facilitate its operations, United Petroleum established a subsidiary in Sri Lanka named ‘United Petroleum Lanka Pvt. Ltd.’ Dr. Prabath Samarasinghe, a former Board Member of the Ceylon Petroleum Corporation (CEYPETCO), was appointed as the Director and CEO of the company.
United Petroleum Lanka signed an agreement with the Board of Investment (BOI) for a $27.5 million investment, which will support the import, storage, and sale of petroleum products in Sri Lanka.
In total, United Petroleum will operate 200 fuel stations across Sri Lanka over a 20-year period. These include 150 existing privately-owned outlets currently operated by CEYPETCO, alongside the development of 50 new stations under United Petroleum’s management.
United Petroleum’s entry into Sri Lanka marks the company’s first expansion of its retail gasoline operations beyond Australia. In Australia, United Petroleum operates around 500 sites, offering premium-quality fuel at competitive prices.
The company is owned by Australian entrepreneurs Avi Silver and Eddie Hirsch. United Petroleum is recognized as a billion-dollar firm with a strong commitment to quality, safety, and environmental standards.
The company’s owners are optimistic about setting high benchmarks in Sri Lanka’s retail petroleum sector, aiming to enhance the quality of products and services provided to customers.
United Petroleum Lanka Ltd. is focused on elevating the standards of Sri Lanka’s retail petroleum industry by offering high-quality products and services. With Dr. Prabath Samarasinghe at the helm, the company is well-positioned to make a significant impact on the Sri Lankan market.
