United Petroleum Australia is set to commence its operations in Sri Lanka by the end of July or early August this year, according to Dr. Prabhat Samarasinghe, the Director of United Petroleum Lanka Private Limited in Sri Lanka. The company will take charge of 150 existing fuel stations and construct an additional 50 stations.
Dr. Samarasinghe explained that United Petroleum Lanka Pvt Ltd finalized an agreement with Sri Lanka's Board of Investments (BoI) as part of a larger deal with the Power and Energy Ministry to supply petroleum products in the country.
Under the banner of United Petroleum Lanka Private Limited, the company will manage the existing 150 gas stations and has obtained authorization to build 50 more stations.
The total investment for this venture is estimated at around 300 million USD. Initial investment is slated at 12 million USD, with plans for further investments within a year.
Although the company intends to avoid price competition in Sri Lanka, it aims to provide consumers with various benefits. The petroleum products' quality will meet Australian standards, reflecting the company's commitment to maintaining high-quality standards.
United Petroleum Australia Pvt Ltd holds a prominent position in Australia's petroleum trading sector, boasting over 500 gas stations across the nation. This expansion marks the company's debut in retail petroleum outside Australia, as part of United Group's diversified portfolio, which includes ventures in Australia and Singapore.
