Approval for three foreign entities to enter the fuel retail market in Sri Lanka was granted by the Cabinet, Minister of Power and Energy Kanchana Wijesekera said.
In a tweet, the Minister said Cabinet approval was granted to award licences 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.
“Energy Committee & relevant other procurement committees had given their approval & recommendation to award the 3 companies the licences to operate. The 3 companies will be allocated 150 Dealer operated fuel stations each which are currently operated by CPC. They will be granted a licensce to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka. A further 50 fuel stations at New locations will be established by each selected company,” the Minister further said.
