Cabinet approval has been granted for three foreign entities to enter the fuel retail market in Sri Lanka, Minister of Power and Energy Kanchana Wijesekera announced on Monday (27).
Minister Wijesekera said via a Twitter message, that Cabinet approval was granted to award licenses to China’s Sinopec, United Petroleum of Australia and RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka.
He further stated that the energy committee and relevant other procurement committees had given their approval and recommendation to award the three (03) companies the licenses to operate in Sri Lanka.
The three companies will be allocated 150 dealer-operated fuel stations, each of which is currently operated by the Ceylon Petroleum Corporation (CPC).
They will be granted a license to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka, the minister said.
Minister Kanchana Wijesekera added that a further 50 fuel stations at new locations will be established by each selected company. (NewsWire)
