RM Parks Inc., a prominent U.S. petroleum products distributor, has formalized an agreement with the Board of Investment (BOI) for a substantial investment of $110 million. The objective of this collaboration is to introduce Shell products to the Sri Lankan market.
According to a BOI announcement on X (formerly known as Twitter), the partnership between RM Parks Inc. and Shell is set to establish and operate 200 fuel stations across the country. These stations will not only dispense petroleum products but also feature mini-supermarkets equipped with electric vehicle (EV) charging facilities.
Earlier this year, a pivotal agreement was executed at the President’s Office, solidifying the collaboration between the Government of Sri Lanka and RM Parks Inc. operating in conjunction with Shell. This marked a significant milestone in the progression toward a long-term contract covering the importation, storage, distribution, and sale of petroleum products within the nation.
RM Parks Inc. is positioned to become the fourth supplier entering the domestic market and will operate under the reputable Shell branding. The agreement encompasses a 20-year commitment to import, distribute, and sell petroleum products through 150 fuel stations allocated by the Ceylon Petroleum Corporation (CPC), as revealed by the Minister of Power and Energy earlier.
