RM Parks Inc, the California-based US fuel distribution company, signed an agreement with the Board of Investment of Sri Lanka (BOI) with an investment of US$ 110 million, to serve the Sri Lankan petroleum sector, in collaboration with Shell Plc.
Issuing a statement, the BOI said Shell Plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and the rest of the Americas. The company operates through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. It explores for and extracts crude oil, natural gas, and natural gas liquids; markets and transports oil and gas; produces gas-to-liquids fuels and other products; and operates upstream and midstream infrastructure necessary to deliver gas to market.
The company also markets and trades natural gas, liquefied natural gas (LNG), crude oil, electricity, and carbon-emission rights; and markets and sells LNG as a fuel for heavy-duty vehicles and marine vessels. In addition, it trades in and refines crude oil and other feedstocks, such as low-carbon fuels, lubricants, bitumen, Sulphur, gasoline, diesel, heating oil, aviation fuel, and marine fuel; produces and sells petrochemicals for industrial use; Additionally, it generates electricity through wind and solar resources; produces and sells hydrogen; and provides electric vehicle charging services, as well as electricity storage. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1907 and is headquartered in London, the United Kingdom.
The BOI further said RM Parks Inc, a leading fuel distributor in California, has more than 50 years in the petrochemicals distribution industry.
RM Parks Inc. engages in the business of the development of infrastructure relating to petroleum by, setting up, conducting, and operating One Hundred Fifty (150) franchise fuel stations which are owned by the Ceylon Petroleum Corporation, and Fifty (50) new fuel stations as per the Long-Term Contract entered into with the Ministry of Power and Energy.
The BOI said the contract also allows the company to import, store, distribute and sell petroleum products including petrol, diesel, jet A-1, kerosene and furnace oil, and related value-added products and to expand its business to distribution of other petroleum or gas products, by-products (including aviation fuel), EV charging, and provision of value-added services such as car wash, car service, department stores/ convenience stores, internet café, ATM, food courts in the local market. (NewsWire)