The Managing Director of the Ceylon Petroleum Corporation, Dr. Mayura Netthikumarage, says that the 64 fuel stations handed over to Australia’s United Petroleum Company, which has joined the fuel market in the country, will be taken back.
In a statement to the Daily FT newspaper, he said that since Australia’s United Petroleum Company has left Sri Lanka, the fuel stations have had to be taken back under the corporation.
Australia’s United Petroleum Company, which started business in the country in August 2024, had officially announced its complete withdrawal from the country three months ago.
They have taken this decision stating that there is no market to make the expected profits. The company has also informed the Ceylon Petroleum Corporation that it is not satisfied with the environment in Sri Lanka to continue its operations.
The company was looking to invest US$27.5 million in Sri Lanka to import, store and sell petroleum products.