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BOI, United Petroleum sign USD 27.5 mn MoU to start operations in SL

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United Petroleum Lanka Pvt Ltd signed a contract with the Board of Investment of Sri Lanka (BOI) on June 4 for an investment of US$ 27.5 million as part of an agreement inked between the Ministry of Power and Energy to supply petroleum products in the Sri Lankan market.

This event took place after the company was selected based on an RFP released by the Sri Lankan government to further liberalize the country’s retail petroleum market early last year.

United Petroleum Australia Pty Ltd is Australia’s leading petroleum trading corporation, with over 500 fuel stations across the Australian subcontinent. The company is owned by TWO enterprising entrepreneurs, Avi Silver and Eddie Hirsch from Australia. United Group also owns a number of other businesses in Australia and Singapore, and this is the first time the company has expanded its retail gasoline operation beyond Australia. United is a billion-dollar firm that prioritizes quality, safety, and the environment.

The company’s owners feel that they should be able to benchmark excellent practices in the Sri Lankan retail petroleum sector and improve the quality of products and services provided to its customers.United intends to develop and raise the standards of Sri Lanka’s retail petroleum sector through the provision of high-quality products and services.

The company is assigned 150 existing gasoline stations across the country and has the right to establish 50 new fuel stations under United’s management.

United Petroleum Australia has established a company in Sri Lanka, United Petroleum Lanka Pvt Ltd., to carry out the operations and Dr. Prabath Samarasinghe, a former board member of CEYPETCO and a well-known professional in the petroleum industry, has been appointed Director and CEO of the company.

United Petroleum set up in 1993 has over 450 petrol stations in Australia. The company also owns Pie Face, a pie outlet it acquired in 2017 and subsequently rolled out to many of its service stations.

The post BOI, United Petroleum sign USD 27.5 mn MoU to start operations in SL appeared first on DailyNews.

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