Bhathiya Barukanda
United Petroleum of Australia has officially joined the energy sector in Sri Lanka, by signing an agreement with the Board of Investment of Sri Lanka (BOI).
According to the BOI, United Petroleum of Australia has made an initial investment of US$ 27.5 million via the agreement.
The BOI revealed that the company will take over 150 existing fuel stations across Sri Lanka, while it has also secured the rights to build 50 new fuel stations.
The Australian-owned petroleum retailer and importer has been assigned 150 fuel stations across Sri Lanka, and has also been given the right to build 50 new fuel stations.
Accordingly, United Petroleum Australia incorporated a company in Sri Lanka under the name ‘United Petroleum Lanka Pvt. Ltd.’, to carry out operations within the country, with former Ceylon Petroleum Corporation (CEYPETCO) Board Member Dr. Prabath Samarasinghe having been appointed as the Director and CEO of the company.
This marks the first expansion of the Australian company’s expansion of its retail petroleum outside of Australia, with the company owning over 500 fuel stations across Australia.
Issuing a statement on the expansion, Director of United Petroleum Lanka stated “United is a billion-dollar company with focus on quality, safety and environment. Owners of the company believe that they should be able to benchmark good practices to Sri Lankan retail petroleum market and enhance the quality of products and services to its customers”.
In March 2023, the Cabinet of Ministers gave the nod to award licenses to China’s Sinopec, Australia’s United Petroleum and RM Parks of the USA, in collaboration with multinational oil and gas company – Shell PLC, to enter the fuel retail market in Sri Lanka
