Shell-RM Parks and CPSTL sign agreement for fuel storage, distribution

Tuesday, 13 February 2024 01:29 - - {{hitsCtrl.values.hits}}

The Ceylon Petroleum Storage Terminals (CPSTL) signed an agreement with US-based petroleum products distributor ‘Shell-RM Parks’ yesterday.

The relevant agreement was signed at the CPSTL Head Office, pertaining to the storage and distribution of fuel in Sri Lanka.

As per the newly signed agreement, CPSTL is now able to store and distribute ‘Shell-RM Parks’ petroleum products in Sri Lanka.

On 8 June 2023, the Government of Sri Lanka signed an agreement with RM Parks Inc., in collaboration with Shell PLC for a long-term contract for the importation, storage, distribution, and sale of petroleum products in Sri Lanka.

“US-based petroleum company RM Parks in a collaboration with Shell PLC signed the agreement to enter the Sri Lanka petroleum business. RM Parks will be the 4th supplier to enter the domestic market and will operate under the ‘Shell’ branding.”

“They signed a 20-year agreement to import, distribute and sell petroleum products through 150 fuel stations allocated from CPC,” Sri Lanka’s Power and Energy Minister Kanchana Wijesekera had said.

On 21 November, RM Parks Inc. signed a $ 110 million agreement with the Board of Investment (BOI) of Sri Lanka to bring Shell products to the island.

“RM Parks Inc. and Shell collaboration will operate 200 fuel stations and provide services of mini-supermarkets with EV charging facilities,” the BOI had said.