US-based RM Parks signs $110mn petroleum agreement with Sri Lanka

US-based RM Parks signs $110mn petroleum agreement with Sri Lanka

November 21, 2023   12:46 pm

RM Parks Inc., a leading petroleum products distributor in the United States, has signed a USD 110 million agreement with the Board of Investment (BOI) of Sri Lanka to bring Shell PLC products to the island.

“RM Parks Inc. and Shell collaboration will operate 200 fuel stations and provide services of mini-supermarkets with EV charging facilities,” the BOI said in a post on X (formerly Twitter).

Last year, the Sri Lankan government decided to open up Sri Lanka’s fuel import and retail sales market to companies from oil-producing nations in a bid to address the foreign exchange crisis. The Petroleum Products (Special Provisions) Bill also received the approval of ministerial consultative committee on power & energy, paving the way for new suppliers to enter the local fuel market as importers, distributors, and retail operators for petroleum products.

In March 2023, the Cabinet of Ministers gave the nod to award licenses to China’s Sinopec, Australia’s United Petroleum and RM Parks of the USA, in collaboration with multinational oil and gas company - Shell PLC, to enter the fuel retail market in Sri Lanka.

Later in June, a 20-year agreement was inked between the Sri Lankan government and RM Parks Inc. in collaboration with Shell PLC for a long-term contract for the importation, storage, distribution and sale of petroleum products on the island.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

LIVE🔴 Ada Derana Lunch Time News Bulletin 12.00 pm

CPC Chairman issues clarification after fuel tanker turns back without unloading

Govt understands the frustration of Sri Lanka's youth PM Harini Amarasuriya (English)

Australia gifts Beechcraft King Air 350 aircraft to Sri Lanka Air Force (English)

Sri Lanka receives 55,000 metric tonnes of MOP fertilizer under World Food Programme (English)

SJB announces its National List MPs (English)

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm