RM Parks Inc. is set to become the second international player to commence operations in Sri Lanka’s retail fuel market, having recently signed agreements to this end with around 100 fuel sheds. 

Power and Energy Ministry Secretary Dr. Sulakshana Jayawardena told The Sunday Morning that RM Parks had signed agreements with about 100 fuel sheds and had begun importing its core products. 

“Once they import the core products, they can commence operations,” he said. 

Sri Lanka opened its energy market to private, international players following the severe fuel shortages in 2022, which resulted in the country coming to a halt for months. 

Accordingly, Cabinet granted approval in March 2023 to give 450 sheds belonging to the Ceylon Petroleum Corporation (CPC) to three private companies. China’s Sinopec became the first to operate in September 2023, signing with 150 sheds. 

A CPC spokesperson told The Sunday Morning that the CPC was currently operating 910 sheds after having handed over operations of 150 to Sinopec. About 280 sheds are being operated by the Lanka Indian Oil Company (LIOC). 

The Board of Investment (BOI) stated in November 2023 that US-based RM Parks, in collaboration with Shell, had signed an agreement to invest $ 110 million to import and sell fuel products. 

In a similar vein, United Petroleum from Australia has also entered into an agreement with the Power and Energy Ministry to supply petroleum products to Sri Lanka.