Power and Energy Ministry receives proposals from 24 companies in response to EOI 

Sri Lanka has received proposals from a total of 24 companies to engage in the petroleum business in the island nation, Power and Energy Minister Kanchana Wijesekera said yesterday.
The Minister took to Twitter to share that companies from the UAE, Saudi Arabia, USA, China, India, Russia, UK, Malaysia, Norway, and the Philippines have responded to the Expressions of Interest (EOI) that was closed on August 16, 2022.

A committee appointed by the ministry will evaluate proposals, issue Requests for Proposals (RFPs), and finalise the process in six weeks, the minister said.
The EOI was published by the Power and Energy Ministry on 25 July 2022.
Proposals were called from established companies in petroleum-producing countries giving special emphasis on the feasibility of deployment of a viable business model using their funds for importation, distribution, and selling of petroleum products in Sri Lanka on long-term agreements. 

The expected company is required to be a well-established entity in a petroleum-producing country with a permanent presence in any part of the petroleum product supply chain. The entity should have sound financial viability and should possess the ability to import petroleum products by utilising its own forex for an agreed period without depending on the Sri Lankan forex market.

The company is expected to enter into long-term contracts with the Ceylon Petroleum Corporation (CPC) to ensure a continuous supply of petroleum products to the island nation and will engage in business using existing fuel stations owned or to be opened by the CPC as well as infrastructure facilities of the Ceylon Petroleum Storage Terminals Limited (CPSTL) based on a facilitation fee.

The company must ensure that the products comply with all Sri Lankan quality standards and parameters of petroleum products of the country.
In the notice, the Ministry of Power and Energy said it will facilitate the development of new fuel stations and storage terminals depending on the requirement of the company post commencing operations in Sri Lanka.