United Petroleum Lanka Ltd., signed an agreement this week with the Board of Investment (BOI) for an investment of $ 27.5 million to import, storage and sale of petroleum.
As part of this endeavour, United Petroleum will have a total of 200 fuel stations countrywide to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka.
The company has allocated the control of 150 privately-owned fuel outlets currently operated by the Ceylon Petroleum Corporation (CEYPETCO) and by establishing additional 50 new filling stations under its management.
BOI Chairman Dinesh Weerakkody and United Petroleum Lanka Ltd., Director and CEO Dr. Prabath Samarasinghe signed the contract. The agreement grants United Petroleum Lanka Ltd., 20 years to operate the project, governed by the regulations outlined in the Sri Lanka Board of Investment Act.
Australia’s United Petroleum is the third global player to enter the fuel retail market in Sri Lanka. At present State-owned CEYPETCO, Lanka IOC PLC and Sinopec Energy Lanka Ltd., are the three licenced operators.
Original story United Petroleum inks BOI deal to start operations with $ 27.5 m investment | Daily FT
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