ECONOMYNEXT – United Petroleum of Australia, which signed an agreement with the Ministry of Power and Energy last month to enter petroleum retail operations in the island, hopes to start operations by mid this year, minister Kanchana Wijesekera said.
“Its group CFO, Nigel Simonsz visited the Ministry to update on their plans and schedule to begin retail operations through the 150 fuel stations allocated to them. They plan to sign the agreement with the BOI and obtain the license to operate by mid this year,” Wijesekera said on X (twitter).
Sri Lanka last year awarded retail fuel licenses to three foreign firms – China’s Sinopec, United Petroleum Australia and US-based RM Parks to reduce the state-owned Ceylon Petroleum Corporation’s (CPC) pressure on finding foreign currency for the country’s whole fuel import.
The government imposed conditions for all the three fuel retailers to use foreign currency from their parent company for imports while banning the repatriations of foreign currency from Sri Lanka.
United Petroleum Australia, the third new fuel retailer, faced delays after a request contrary to the earlier conditions.
“They requested permission to remit dollars outside Sri Lanka. We did not allow that because the main objective of this is to find a solution (of lack of dollars we had in the past,” State Minister of Power and Energy D V Chanaka said at the time. (Colombo/Mar14/2024)
Can we please have bona fides of this “”company”?? Who are the directors, their background, audited balance sheets etc??