Minister of Power and Energy, Kanchana Wijesekeravia a Twitter message stated that cabinet approval has been given to three foreign companies to enter the fuel retail market in Sri Lanka.
Accordingly, Sinpoec, United Petroleum and Australia and RM Parks of USA companies are given licences to import, store and distribute fuel in Sri Lanka. The licenses are valid for 20 years.
Under this scheme 450 CPC fuel stations will be given to three foreign Companies.
Minister further states that,
“The 3 companies will be allocated 150 Dealer operated fuel stations each which are currently operated by CPC”.
And “A further 50 fuel stations at New locations will be established by each selected company.”
This decision will address the inefficiencies and poor financial management faced by the CPC in the status quo.