US Company Signs Agreement to Enter Retail Fuel Market in Crisis-Hit Sri Lanka
U.S. News & World Report COLOMBO, Sri Lanka (AP) A U.S. petroleum company signed an agreement with Sri Lanka on Thursday allowing it to import and sell fuel in the country, less than a month after Chinese petroleum giant Sinopec also acquired rights to enter the retail market, as the Indian Ocean nation grapples with an economic and energy crisis.
RM Parks Inc. signed the agreement in collaboration with Shell and will be able to import, distribute and sell petroleum products for 20 years, the Power and Energy Ministry said.
It can sell petroleum products through 150 fuel stations currently operated by state-run Ceylon Petroleum Corp., and also invest in 50 new fuel stations, the ministry said.
The agreement will help "address the foreign exchange crisis in Sri Lanka and ensure a steady supply of fuel, the president's office said in a statement.
RM Parks says it has supplied a variety of fuel brands to stations in California for almost 50 years.
