Shell-RM Parks & Ceylon Petroleum Storage Terminals ink deal

Monday, 12 February 2024 - 16:30

In a significant development for Sri Lanka's energy sector, Shell-RM Parks, a prominent distributor of petroleum products based in the United States, has entered into an agreement with the Ceylon Petroleum Storage Terminals Limited (CPSTL) for the storage and distribution of fuel in the island nation. The agreement, signed on Monday, February 12, marks a strategic partnership aimed at enhancing the country's energy infrastructure and ensuring reliable access to fuel resources.

The Ministry of Power and Energy confirmed the signing of the agreement, highlighting its potential to strengthen Sri Lanka's energy security and optimize the storage and distribution of petroleum products across the country. The collaboration between Shell-RM Parks and CPSTL is expected to leverage the expertise and resources of both entities to streamline fuel logistics and enhance operational efficiency in the petroleum sector.

Under the terms of the agreement, Shell-RM Parks will utilize CPSTL's storage facilities and logistical network to store and distribute petroleum products in Sri Lanka. This collaboration is poised to enhance the availability and accessibility of fuel resources, ensuring a steady supply chain and minimizing disruptions in the domestic market.

The partnership highlights the growing interest of international energy companies in investing and collaborating in Sri Lanka's energy sector, driven by the country's strategic geographic location and potential for economic growth. By leveraging Shell-RM Parks' expertise in fuel distribution and CPSTL's robust storage infrastructure, the agreement aims to address the evolving energy needs of Sri Lanka and support its economic development objectives.

As Sri Lanka continues to prioritize energy security and sustainability, partnerships such as this play a crucial role in enhancing the resilience and efficiency of the country's energy infrastructure. The agreement between Shell-RM Parks and CPSTL is expected to contribute significantly to the optimization of fuel storage and distribution operations, ultimately benefiting consumers and businesses across Sri Lanka.

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