US-based petroleum distribution company, RM Parks will commence operations in Sri Lanka next month, Minister of Power and Energy Kanchana Wijesekera announced.
According to Daily News, Minister Wijesekera disclosed that RM Parks of the USA has deposited their initial payment with the government.
“The US-based company will initially take over 150 fuel stations and will operate them. RM Parks also has the authorization to build new petrol sheds on their own and operate in Sri Lanka,” he added.
The minister further said RM Parks is the third international petroleum player to enter the Sri Lankan market.
In June this year, an agreement was signed between the government and RM Parks, in collaboration with Shell for a long-term contract for the importation, storage, distribution, and sale of petroleum products in Sri Lanka.
Earlier this year, Chinese petroleum giant Sinopec entered the Sri Lanka market by signing a contract in May 2023, while it already commenced operations last month.
Sinopec also has the authorization to build new petrol sheds on its own and operate in Sri Lanka.
Furthermore, Australia’s United Petroleum Company is also expected to commence operations in Sri Lanka soon.
Sri Lanka opened the retail fuel market to more foreign companies to solve the nation’s energy crisis as its depleted foreign reserves hinder imports of oil. (NewsWire)