Colombo, Nov 21 (PTI) US fuel retailer RM Parks in collaboration with Shell Petroleum has entered Sri Lanka, becoming the fourth brand to operate oil stations in the cash-strapped island nation.

The Board of Investment said that RM Parks Inc, a California-based US fuel distribution company, signed an agreement for an Investment of USD 100 mn.

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"The company will serve the Sri Lankan petroleum sector in collaboration with Shell Plc,” said an official statement.

They will be the fourth retailer in the local liberalisation of the fuel sector after the state entity CPC, the Indian Oil Corporation's local operation LIOC and Sinopec of China.

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RM Parks Inc. is a leading fuel distributor in California and has more than 50 years in the petrochemicals distribution industry.

Sri Lanka faced fuel shortages due to forex crisis when the island last year was plunged into its worst-ever economic crisis since 1948.

An Indian credit line provided the island nation's fuel requirements when the country was stuck in mile-long queues for refuelling.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)