United Petroleum Australia to begin Sri Lanka operations by August

5 June 2024 09:13 am Views - {{hitsCtrl.values.hits}} 18 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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Colombo, June 6 (Daily Mirror) - United Petroleum Australia, which has entered Sri Lanka's petroleum retail market, will start their operations by the end of July or beginning of August this year, taking over 150 existing fuel stations and building over 50 new stations, Director of United Petroleum Lanka Private Limited in Sri Lanka Dr. Prabhat Samarasinghe said.

He said that United Petroleum Lanka Pvt Ltd made a deal with Sri Lanka's Board of Investments (BoI). This deal is part of an agreement with the Power and Energy Ministry to supply petroleum products in Sri Lanka.

United Petroleum Australia has created a company in Sri Lanka called United Petroleum Lanka Private Limited.

This company will take over 150 existing gas stations and has permission to build 50 new ones under United's name.

The total investment for this project will be around 300 million USD. To start, they will invest 12 million USD, with plans to invest the rest within a year.

While operating in Sri Lanka, the company does not plan to engage in a price war but will offer various benefits to consumers.

The quality of the petroleum products will match that in Australia, with a strong focus on maintaining high standards.

United Petroleum Australia Pvt Ltd is a top petroleum trading company in Australia, with over 500 gas stations across the country.

United Group also has other businesses in Australia and Singapore, and this is their first time expanding their retail petroleum business outside Australia.

Comments - 18

Russel Harmmer Wednesday, 05 June 2024 10:05 AM

Really it is a good move. Thanks to Ranil.

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Vijith Pieterz Wednesday, 05 June 2024 10:07 AM

Very good China, India and Australia will prove that they can do a better job than CPC. Hats off RW

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Smh Wednesday, 05 June 2024 10:27 AM

Seems like a good move if the details have no weird clauses.

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Sell all for Easy Life Wednesday, 05 June 2024 10:38 AM

Colonial mentality creeping in, hail any assets given out

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Gen Wednesday, 05 June 2024 11:42 AM

I recommend you could use the internet and check how countries like Singapore, Malaysia, Vietnam have progress. NPP/JVP will never understand this.

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wsw Wednesday, 05 June 2024 11:51 AM

Short sighted comment, lacking depth or substance. Where does colonialism creep in for an initiative that; a) saves the nation valuable foreign exchange, b) Improves the quality of the service stations and products, c) protects the consumer from the pitfalls of dealing with a (corrupt) monopoly, d) Compels the local entity to lift their game and aim towards profitability, e) Helps turn overstaffed loss making liabilities into assets of the nation regardless of being foreign owned or leased, f) Boosts the image of the nation in terms of product servicing and worldwide market confidence, the list goes on.

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DPerera Wednesday, 05 June 2024 03:36 PM

You want JVP trade unionists to run CPC petrol stations?

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Mani Wednesday, 05 June 2024 10:51 AM

RW has a vision to take this country to the next phase

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TIME WILL TELL Wednesday, 05 June 2024 04:53 PM

DREAM ON MANI. DID YOU MEAN TAKE HIS OWN POLITICAL VISION TO ANOTHER STAGE!!

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Ruben Wednesday, 05 June 2024 11:21 AM

Excellent move forigen investment what sri lanka need with foriegn managment our fellows have Ruined all sectors by corruption bribery theft mismanagement

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Sri Wickrema Wednesday, 05 June 2024 12:30 PM

If the Government or CPC is still going to decide petroleum prices there is no point of allowing foreign oil companies to operate here.

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Dinesh Mr. Withanage Wednesday, 05 June 2024 04:20 PM

By dissolving CPC monopoly don't the country's foreign reserves exhaust? Do these companies spend their own Dollar reserves?

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kaputa Wednesday, 05 June 2024 06:24 PM

currently 500 station and adding 250 more in Sri lanka. simply by doing this they increased its operational capacity by 50 % , wow ... price per one liter in sri lanka approx 0.20 USD higher than Ausi price.

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Sambo Thursday, 06 June 2024 07:42 AM

The ministry of petroleum was boasting that when foreign countries takes over the distribution of petroleum due to competition the prices will come down. Has that happened so far. They are all following the CEYPETCO oil pricing,

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Vic Thursday, 06 June 2024 02:20 PM

What is the benefit to the country? all are going to sell at the same price. At least CPC's profits will be in Sri Lanka. but the other's????

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sunil Friday, 07 June 2024 11:48 AM

CPC either reform and detradeunionize or perish

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ajith Friday, 07 June 2024 11:49 AM

waiting for the day Srilankan Airlines will see such a change

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Aussie fuel Tuesday, 11 June 2024 10:43 AM

Unleaded Petrol sold by United Petroleum Australia generally is one of the cheapest on the Gold Coast in the state of Queensland in Australia compared to other service stations around the state. The price of the cheapest unleaded petrol currently stands at A$1.70 per.litre today and may vary from State to State. I wonder how much it's going to cost you in SLR?

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