US company signs agreement to enter retail fuel market in crisis-hit Sri Lanka

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — A U.S. petroleum company has signed an agreement with Sri Lanka allowing it to import and sell fuel in the country as the Indian Ocean nation grapples with an economic and energy crisis. RM Parks Inc. signed the agreement in collaboration with Shell and will be able to import, distribute and sell petroleum products for 20 years. The Power and Energy Ministry says the American company can sell petroleum products through 150 fuel stations currently operated by state-run Ceylon Petroleum Corp. and also invest in 50 new fuel stations. Three other foreign companies, including Chinese petroleum giant Sinopec, have also received approval to enter Sri Lanka’s retail fuel market.