Ministry of Power and Energy signs agreement with RM Parks to ensure uninterrupted fuel supply
Business Today Sri Lanka|July 2023
To address the foreign exchange crisis in Sri Lanka and ensure a steady fuel supply, the Ministry of Power and Energy has taken decisive action. Accordingly, an agreement was signed between the Government of Sri Lanka and RM Parks, a prominent international company operating in collaboration with Shell, marking a significant step towards securing a long-term contract for importing, storing, distributing, and selling petroleum products in the country.
Ministry of Power and Energy signs agreement with RM Parks to ensure uninterrupted fuel supply

In the presence of the President, Mapa Pathirana, the Ministry of Power and Energy Secretary, along with Justion Divis, Vice President of RM Parks Company, formally signed the agreement.

This development comes after the Ministry explored various strategies to overcome the challenges posed by the foreign exchange crisis and guarantee a continuous fuel supply to consumers.

The current economic situation has hindered the Ceylon Petroleum Corporation (CPC) and Lanka Indian Oil Company (LIOC) from importing fuel shipments as planned. More foreign exchange when opening Letters of Credit and settling bills has exacerbated the issue. Consequently, the Ministry sought solutions to mitigate these challenges, leading to the invitation of Expression of Interest (EOIs) from reputable petroleum companies.

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