Australia’s United Petroleum, the latest foreign firm to enter the fuel retail market, was officially launched in Sri Lanka on Thursday (22).
Minister of Power and Energy Kanchana Wijesekara said that accordingly, they will commence retail fuel operations in September 2024 with 150 dealer-owned and operated fuel stations.
Accordingly, United Petroleum of Australia has become the fourth retail operator to enter the Sri Lankan fuel market after Lanka IOC, Sinopec and RM Parks-Shell.
On 22 February, United Petroleum of Australia signed an agreement with Sri Lanka’s Ministry of Power and Energy to supply petroleum products into the local market.
The agreement was signed by Secretary to the Ministry of Power and Energy Dr. Sulakshana Jayawardena on behalf of the Government of Sri Lanka, and Eddie Hirsch, on behalf of United Petroleum Australia, in his capacity as the owner of the company
The Australian-owned petroleum retailer and importer was assigned 150 fuel stations across Sri Lanka, and was also given the right to build 50 new fuel stations.
As such, United Petroleum Australia incorporated a company in Sri Lanka under the name ‘United Petroleum Lanka Pvt. Ltd.’, to carry out operations within the country, with former Ceylon Petroleum Corporation (CEYPETCO) Board Member Dr. Prabath Samarasinghe having been appointed as the Director and CEO of the company.
