Minister of Power and Energy Mr. Kanchana Wijesekera said in a tweet that 3 foreign companies have been approved by the cabinet to enter the retail fuel market in Sri Lanka.
Accordingly, the permission is given to the companies Sinopec, United Petroleum and RM Parks of USA.
This will allow relevant foreign companies to enter the retail fuel market in Sri Lanka through the construction of 150 fuel stations each, as well as 50 new fuel stations, which are currently operated by the Petroleum Corporation through sales agents.
Accordingly, the relevant companies will be entitled to a license valid for up to 20 years and will be allowed to import, store, distribute and sell petroleum products.
