RM Parks signs US$ 110mn BOI deal to enter Sri Lankan fuel market

• To set up 200 fuel stations; to provide EV charging services
• Also to provide value-added services such as car washing facilities, convenience stores etc.

RM Parks official receiving the investment certificate from BOI board member Manil Jayesinghe

RM Parks Inc. California-based US fuel distribution company has signed an agreement with state-run investment promotions agency Board of Investment (BOI) to invest US$ 110 million to serve the Sri Lankan petroleum market. A BOI statement said the company will serve the Sri Lankan retail fuel market with products from Shell Plc. It also said RM Parks will operate 200 franchise fuel stations in Sri Lanka—150 of them owned by the State-owned Ceylon Petroleum Corporation and 50 new fuel stations as per the long-term contract entered into with the Ministry of Power and Energy.

The company intends to engage in the importation, storage, distribution, and sale of a range of petroleum products, including petrol, diesel, jet A-1, kerosene, and 
furnace oil.     Further, it plans to diversify its operations by venturing into the distribution of additional petroleum or gas products, by-products (including aviation fuel), electric vehicle (EV) charging services, and the provision of value-added services such as car wash facilities, car servicing, department stores, convenience stores, internet cafes, ATMs, and food courts within the local market.