Australia's United Petroleum gives up on Sri Lanka

CPC MD Dr. Mayura Neththikumarage confirms company notified withdrawal, citing operational challenges and small market size Says 64 petrol stations under United Petroleum brand revert to CPC management Exit marks collapse of United Petroleum's first overseas venture, despite earlier pledge of $ 27.5 m investment and 20-year BOI licence

- BY CHARUMINI DE SILVA

UNITED Petroleum, the Australian energy giant that made a high-profile entry into Sri Lanka's fuel retail market in August 2024, has fully withdrawn from the country, marking a major setback for the Government's strategy to diversify the sector.

Ceylon Petroleum Corporation (CPC) Managing Director Dr. Mayura Neththikumarage confirmed the development, stating that United Petroleum had formally notified its decision to exit three months ago.

"The company cited dissatisfaction with operational conditions and noted the size of the Sri Lankan market was too small to achieve the expected profits," he told the Daily FT.