Minister of Power and Energy Mr. Kanchana Wijesekera said in a tweet that 3 foreign companies have been approved to enter the retail fuel market in Sri Lanka.
Accordingly, the three companies Sinopec, United Petroleum and RM Parks of USA will soon start their operations in Sri Lanka.
For these foreign companies, 150 fuel stations are to be allotted each, which are currently managed by the Petroleum Corporation through sales agents (ceypetco). In addition, those companies will also be allowed to build 50 new petrol stations.
These three companies have a license valid for 20 years for the retail market in Sri Lanka and are authorized to import, store, distribute and sell petroleum products.