United Petroleum Australia is poised to make a significant entry into Sri Lanka's petroleum retail sector, with plans to obtain its operational license by mid-2024.
This announcement came from the country's Power and Energy Minister, Kanchana Wijesekera, who took to 'X' (formerly Twitter) to disclose the development.
The Australian-owned petroleum retailer and importer aims to finalize an agreement with the Board of Investment (BOI) and secure the necessary license later this year, according to Minister Wijesekera. Nigel Simonsz, Chief Financial Officer (CFO) of the United Petroleum Group, provided updates on the anticipated timeline for commencing retail operations during his recent visit to the Ministry on Thursday, March 14.
United Petroleum Australia's expansion into Sri Lanka gained traction on February 22 when the company signed an agreement with the Ministry of Power and Energy to supply petroleum products to the local market. The agreement, signed by Secretary to the Ministry of Power and Energy, Dr. Sulakshana Jayawardena, and Eddie Hirsch on behalf of United Petroleum Australia, designated 150 fuel stations across Sri Lanka for the Australian company, with the option to construct an additional 50 stations.
To facilitate its operations within the country, United Petroleum Australia established a subsidiary named 'United Petroleum Lanka Pvt. Ltd.' Former Ceylon Petroleum Corporation (CEYPETCO) Board Member, Dr. Prabath Samarasinghe, was appointed as the Director and CEO of the company. With these developments, United Petroleum Australia is poised to play a significant role in Sri Lanka's petroleum retail landscape, enhancing competition and potentially benefiting consumers nationwide.
