COLOMBO, March 27 (Xinhua) -- Sri Lanka's cabinet has agreed to award licenses to more foreign companies that intend to enter the fuel retail market in the country, a minister said on Monday.
In a Twitter message, Minister of Power and Energy Kanchana Wijesekera said China's Sinopec, United Petroleum of Australia and RM Parks of USA in a collaboration with Shell Plc will now enter the fuel retail market in Sri Lanka.
Wijesekera said the Energy Committee and other procurement committees had given their approval to award operation licenses to these companies.
The foreign companies will be each allocated 150 dealer-operated fuel stations that are currently operated by the state-owned Ceylon Petroleum Corporation.
The minister added that the companies will be granted a license to import, store, distribute and sell petroleum products in Sri Lanka for 20 years.
The companies will also be allowed to establish 50 new gas stations each in new locations.
Currently, the only two players in Sri Lanka's market are Ceylon Petroleum Corporation and Lanka IOC.
Sri Lanka has tried to encourage foreign companies to enter the domestic fuel retail market amid its economic woes. ■