Australia’s United Petroleum Company has unveiled plans to venture into Sri Lanka’s retail fuel market. The announcement comes following discussions between the company representatives and Sri Lanka’s Minister of Power and Energy, Kanchana Wijesekera.
According to Minister Wijesekera, United Petroleum Corporation of Australia has finalized agreements with the Ministry of Power and Energy to initiate petroleum retail operations in Sri Lanka. The company aims to commence operations across 150 petrol stations allocated to them, as confirmed by the group’s Chief Financial Officer, Nigel Simonsz, during a recent meeting with ministry officials.
The proposed entry of Australia’s United Petroleum into Sri Lanka’s retail fuel sector comes at a crucial time when the nation is grappling with an energy crisis exacerbated by depleted foreign reserves. To address this challenge, authorities have opened up the national retail fuel market to more foreign companies, facilitating investments to stabilize the country’s energy supply.
Minister Wijesekera highlighted that United Petroleum’s entry into the Sri Lankan market signifies a significant step towards diversifying the retail fuel sector and enhancing competition. This move is expected to not only address the nation’s energy needs but also contribute to economic growth by attracting foreign investment and creating employment opportunities.
As part of the company’s expansion plans, United Petroleum aims to formalize agreements with the Board of Investment (BOI) and obtain the necessary operating licenses by the middle of this year.
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