United Petroleum Australia, who entered into Sri Lanka’s petroleum retail operations last month, plans to obtain their licence to commence operations mid-2024, Power and Energy Minister Kanchana Wijesekera stated.

Taking to ‘X’ (formerly Twitter), the Minister revealed that the Australian-owned petroleum retailer and importer plans to sign an agreement with the Board of Investment (BOI) and obtain the relevant licence later this year.

Chief Financial Officer (CFO) of the United Petroleum Group, Nigel Simonsz, visited the Ministry on Thursday (14 March), and updated those present on their plans anticipated schedule as to when retail operations will commence in Sri Lanka.

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.