United Petroleum Signs BOI agreement to start operations in Sri Lank

United Petroleum Lanka Pvt Ltd has entered into a contract on June 4th 2024 with Board of Investment of Sri Lanka (BOI) as part of the agreement signed in between Ministry of Power & Energy to supply Petroleum products in Sri Lankan Market.

This event came into live after selecting the company based on RFP issued by Sri Lankan government to further liberalizing the country’s retail petroleum sector early last year. United Petroleum Australia Pty Ltd is a leading Petroleum Trading company in Australia owning over 500 fuel stations all over Australian sub-continent. Company is owned by TWO Enterprising Entrepreneurs namely Mr. Avi Silver and Mr. Eddie Hirsch from Australia. United group also has many other businesses in Australia and Singapore and this is the first time, company expanded their retail petroleum business outside Australia. United is a billion-dollar company with focus on quality, safety, and environment. Owners of the company believe that they should be able to benchmark good practices to Sri Lankan retail petroleum market and enhance the quality of products and service to its customers. United is planning to upgrade and uplift the standards of retail petroleum sector in Sri Lanka with quality of Products and services. Company is assigned 150 existing fuel stations around the country and has the right of building 50 new fuel stations under the ownership of United. United Petroleum Australia has incorporated a company in Sri Lanka namely United Petroleum Lanka Pvt Ltd., to carry out the operations and former Board Member of CEYPETCO and renowned professional in petroleum industry, Dr. Prabath Samarasinghe has assigned the responsibility at the capacity of Director and CEO of the company. Mr. Dinesh Weerakkody Chairman of BOI sign on behalf of Board of Investment and Dr. Prabath Samarasinghe the CEO and Director of United Petroleum Lanka Pvt Ltd has signed the contract at the event organized by BOI Sri Lanka