United Petroleum of Australia to enter retail market from mid-year

Monday, 18 March 2024 02:40 - - {{hitsCtrl.values.hits}}

Finalises agreement with Power and Energy Ministry further liberalising fuel market

Power and Energy Minister Kanchana Wijesekera revealed yesterday that United Petroleum of Australia has finalised an agreement with the Power and Energy Ministry to venture into petroleum retail operations in Sri Lanka.

The announcement comes following last month’s signing of the agreement between the two parties.

“They plan to sign the agreement with the BOI and obtain the license to operate by mid this year,” he said via ‘X’.

Wijesekera said United Petroleum Group CFO Nigel Simonsz visited the Ministry to provide an update on the company’s plans and outlined the schedule for commencing retail operations.

United Petroleum is slated to operate through 150 fuel stations allocated to them across the country.

Australia’s United Petroleum is the third international company to enter into the market.