US based RM Parks enters Sri Lankan Petroleum industry

US based Petroleum company RM Parks Inc. signed the agreement to enter the Sri Lanka petroleum industry today (June 8).

RM Parks will be the fourth supplier to enter the domestic market & will operate under the Shell branding and a 20 year agreement to import, distribute & sell petroleum products through 150 fuel stations allocated from CPC was signed.

Approval was also granted for 50 new fuel stations to be established island-wide, which would be upgraded with new automated dispensers, electric charge stations, mini markets & cafes.

Following a rigorous evaluation process, several companies were shortlisted and invited to submit detailed proposals, according to Presidential Secretariat. The Cabinet Appointed Special Committee (CASC) and the Technical Evaluation Committee (TEC) carefully scrutinized these proposals and recommended the awarding of contracts to the following companies, subject to negotiations:

M/s Sinopec Fuel Oil Lanka (Private) Limited, located at F5, Hambantota Maritime Centre, Mirijjawila, Hambantota, Sri Lanka.
M/s United Petroleum Pty Ltd, situated at 600 Glenferrie Rd, Hawthorn, Victoria 3122, Australia.
M/s RM Parks, headquartered at 1061 N. Main St, Porterville, CA 93257, USA, in collaboration with Shell.

After thorough consideration of the recommendations made by the CASC and the Committee appointed by the Cabinet of Ministers, the Cabinet granted its approval to award contracts to the selected suppliers, a statement from Presidential Secretariat said. The contract agreement with M/s Sinopec Fuel Oil Lanka (Private) Limited and its parent companies was signed on May 22 following successful negotiations.

Furthermore, negotiations with M/s RM Parks have also reached a fruitful conclusion. The contract agreement between the parties will be signed today, June 8, 2023, at 3:00 pm at the Presidential Secretariat.

RM Parks Inc., in collaboration with Shell, aims to commence operations in Sri Lanka within 45 days after the issuance of the license. "This agreement marks a significant milestone in ensuring a reliable and uninterrupted supply of fuel to meet the country’s energy needs amid challenging economic circumstances,"