Colombo, Apr 4 (IANS): The three foreign companies that were selected to enter Sri Lanka's fuel retail market will commence operations within the next two months, a Minister said here on Tuesday.

Minister of Power and Energy Kanchana Wijesekera told the media that agreements will be signed with these companies within the next two to three weeks, reports Xinhua news agency.

Wijesekera said that the three companies are keen on starting operations in Sri Lanka and have requested the government to fast-track the process.

Sri Lanka's cabinet last week agreed to award licenses to more foreign companies that intend to enter the fuel retail market in the country, he said.

China's Sinopec, United Petroleum of Australia and RM Parks of the US in a collaboration with Shell Plc will now enter the fuel retail market in Sri Lanka.

The foreign companies will be each allocated 150 dealer-operated fuel stations that are currently operated by the state-owned Ceylon Petroleum Corporation and will be granted a license to import, store, distribute and sell petroleum products in the island nation for 20 years.

The companies will also be allowed to establish 50 new gas stations each in new locations.

Currently, the only two players in Sri Lanka's market are Ceylon Petroleum Corporation and Lanka IOC.

Sri Lanka has tried to encourage foreign companies to enter the domestic fuel retail market amid its ongoing economic crisis.