Australia’s United Petroleum plans setup a food manufacturing venture in Sri Lanka with an investment of US$ 20-30 million to produce pies and other convenience food items under Australia’s iconic pie brand ‘Pie Face’.
“Most probably this will happen by the first quarter of 2025 and we are planning an investment around US$ 20-30 million in this venture,” United Petroleum Lanka (UPL) Private Limited, a wholly-owned subsidiary of Australia’s United Petroleum, Director and CEO Dr. Prabath Samarasinghe told Mirror Business.
The location of the proposed food manufacturing plant is yet to be finalised; however, Dr. Samarasinghe noted that it would be located in a BOI zone as the company plans to export 80 percent of the production targeting export markets such as India, Malaysia, Singapore, South Africa and the Middle East region.
The company will take over 150 existing fuel stations and has secured the rights to build 50 new stations.
‘We have already invested USD 300 million in this Sri Lankan Petroleum venture and we plan to retain this sum for at least one year in accordance with Sri Lanka’s exchange control regulations, ‘said Dr. Prabath Samarasinghe, Director and CEO of UPL, in an interview with Finance Today on the sidelines of its inaugural dealer event in Colombo.
He also mentioned that the first shipment of UPL fuel had safely arrived in Sri Lanka.
“Our agreement with Korea and Aramco allows us to buy the same fuel we purchase in Australia, which is a significant advantage.
We purchase 5.6 billion litres annually in Australia, while for Sri Lanka’s 150 stations, we require only 350 million litres per annum — about six per cent of our total purchase. What this demands is strategic planning and service par excellence. That is why we refer to our staff not as pumpers but as ‘Service Champions.’ We are proud of raising the service level here in Sri Lanka,’ he said.
