United Petroleum Australia Pty Ltd has taken a significant step towards expanding its operations into Sri Lanka's petroleum market. A contract was recently inked with Sri Lanka's Ministry of Power and Energy, solidifying the company's entry into the local market.
The agreement, signed on 22nd February, was formalized by Dr. Sulakshana Jayawardena, Secretary to the Ministry of Power and Energy, representing the Government of Sri Lanka, and Eddie Hirsch, owner of United Petroleum Australia.
Under this agreement, the Australian-owned petroleum retailer and importer has been allocated 150 fuel stations across Sri Lanka. Additionally, it has been granted the authority to construct 50 new fuel stations in strategic locations.
To facilitate its operations in Sri Lanka, United Petroleum Australia has established a local entity named 'United Petroleum Lanka Pvt. Ltd.' Dr. Prabath Samarasinghe, former Board Member of Ceylon Petroleum Corporation (CEYPETCO), has been appointed as the Director and CEO of this new subsidiary.
This venture marks United Petroleum Australia's first foray beyond its home market, where it already operates over 500 fuel stations. The company is committed to bringing its hallmark standards of quality, safety, and environmental responsibility to the Sri Lankan retail petroleum sector.
In a statement regarding this expansion, the Director of United Petroleum Lanka emphasized the company's focus on excellence, stating, "United is a billion-dollar company with focus on quality, safety and environment. Owners of the company believe that they should be able to benchmark good practices to Sri Lankan retail petroleum market and enhance the quality of products and services to its customers."
This move follows the Sri Lankan government's decision in 2022 to open up the fuel import and retail sales market to companies from oil-producing nations, as part of efforts to address the foreign exchange crisis. With this development, Sri Lanka's fuel market is set to witness increased competition and a potential uplift in standards and services for consumers across the country.
The agreement, signed on 22nd February, was formalized by Dr. Sulakshana Jayawardena, Secretary to the Ministry of Power and Energy, representing the Government of Sri Lanka, and Eddie Hirsch, owner of United Petroleum Australia.
Under this agreement, the Australian-owned petroleum retailer and importer has been allocated 150 fuel stations across Sri Lanka. Additionally, it has been granted the authority to construct 50 new fuel stations in strategic locations.
To facilitate its operations in Sri Lanka, United Petroleum Australia has established a local entity named 'United Petroleum Lanka Pvt. Ltd.' Dr. Prabath Samarasinghe, former Board Member of Ceylon Petroleum Corporation (CEYPETCO), has been appointed as the Director and CEO of this new subsidiary.
This venture marks United Petroleum Australia's first foray beyond its home market, where it already operates over 500 fuel stations. The company is committed to bringing its hallmark standards of quality, safety, and environmental responsibility to the Sri Lankan retail petroleum sector.
In a statement regarding this expansion, the Director of United Petroleum Lanka emphasized the company's focus on excellence, stating, "United is a billion-dollar company with focus on quality, safety and environment. Owners of the company believe that they should be able to benchmark good practices to Sri Lankan retail petroleum market and enhance the quality of products and services to its customers."
This move follows the Sri Lankan government's decision in 2022 to open up the fuel import and retail sales market to companies from oil-producing nations, as part of efforts to address the foreign exchange crisis. With this development, Sri Lanka's fuel market is set to witness increased competition and a potential uplift in standards and services for consumers across the country.
