Shell Petroleum is back with RM Parks distributor with $ 110 m investment

Wednesday, 22 November 2023 00:26 - - {{hitsCtrl.values.hits}}

Board of Investment Board Member Manil Jayesinghe (right) exchanges the agreement signed with officials of US Energy company RM Parks

Power and Energy Minister Kanchana Wijesekera in discussion with US Energy company RM Parks yesterday

RM Parks Inc. California-based US fuel distribution company, has signed an agreement with the Board of Investment (BOI) with an Investment of $ 110 million.

The BOI said RM Parks will serve the Sri Lankan petroleum sector, in collaboration with Shell.

RM Parks, leading fuel distributor in California and has more than 50 years in the petrochemicals distribution industry. The company engages in the business of the development of infrastructure relating to petroleum by, setting up, conducting and operating 150 franchise fuel stations which are owned by Ceylon Petroleum Corporation, and 50 new fuel stations as per the long-term contract entered into with the Ministry of Power and Energy. Further, they will engage to import, store, distribute and sell petroleum products including petrol, diesel, jet A-1, kerosene and furnace oil, and related value-added products and to expand its business to distribution of other petroleum or gas products, by-products (including aviation fuel), EV charging and provision of value-added services such as car wash, car service, department stores/ convenience stores, internet café, ATM, food courts in the local market.

Shell operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, US and Rest of the Americas. The company operates through Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solution segments. It explores for and extracts crude oil, natural gas and natural gas liquids; markets and transports oil and gas. Produces gas-to-liquids fuels and other products and operates upstream and midstream infrastructure necessary to deliver gas to market.

The company also markets and trades natural gas, liquefied natural gas (LNG), crude oil, electricity and carbon-emission rights; and markets and sells LNG as a fuel for heavy-duty vehicles and marine vessels. In addition, it trades in and refines crude oil and other feedstocks, such as low-carbon fuels, lubricants, bitumen, sulphur, gasoline and diesel, heating oil, aviation fuel and marine fuel. Produces and sells petrochemicals for industrial use. Additionally, it generates electricity through wind and solar resources, produces and sells hydrogen and provides electric vehicle charging services as well as electricity storage. The company was formerly known as Royal Dutch Shell and changed its name to Shell in January 2022. Shell was founded in 1907 and is headquartered in London, UK.