United Petroleum of Australia has officially joined the energy sector in Sri Lanka, by signing an agreement with the Board of Investment of Sri Lanka (BOI).
According to the BOI, United Petroleum of Australia has made an initial investment of US$ 27.5 million via the agreement.
The BOI revealed that the company will take over 150 existing fuel stations across Sri Lanka, while it has also secured the rights to build 50 new fuel stations.
Australia’s United Petroleum has entered Sri Lanka’s retail market after authorities opened the nation’s retail fuel market to more foreign companies to solve the nation’s energy crisis as its depleted foreign reserves hindered imports of oil as a result of the economic crisis.
United Petroleum of Australia has followed in the footsteps of Chinese petroleum giant Sinopec which entered Sri Lanka’s energy sector in 2023.
US-based petroleum distribution company, RM Parks has also commenced negotiations to enter Sri Lanka’s retail market. (Newswire)
