14 firms express interests to buy Litro Gas

Saturday, 16 March 2024 00:08 - - {{hitsCtrl.values.hits}}

Indian, Chinese and firms from Southeast Asia and UAE among bidders with Laugfs Gas among local entities

A total of 14 Request for Expression of Interest (REOI) have been received from potential investors for the strategic divestiture of Litro Gas Lanka Ltd., (LGL) and Litro Gas Terminals Ltd. (LGT)., the Finance Ministry disclosed yesterday.

Accordingly, Epdesa Pte Ltd., Singapore; Bharat Petroleum Cop. Ltd., India; Ayaz Anonim Sirketi, Republic of Türkiye; SiamGas and Petrochemicals Public Company Ltd., Thailand; BGN Int DMCC, UAE; Confidence Petroleum India Ltd., India; OQ Trading Ltd., UAE; Tristar Group, UAE; Laugfs Gas PLC, Sri Lanka; United Petroleum Holdings, Malaysia; Vitol Asia Pte Ltd., Singapore; Infinity NGC, Sri Lanka; China National Aero Techno, Sri Lanka; and Consulting Engineers and Contractors, Sri Lanka submitted their offers.

On 16 January, the Government, acting through the Ministry of Finance, Economic Stabilisation, and National Policies, released an REOI via international and local media. The REOI sought interested parties for the strategic divestiture of Litro Gas Lanka, and Litro Gas Terminals (LGT). The submission deadline for proposals concluded yesterday.

The REOIs received were considered by the Opening Committee appointed by the Special Cabinet Appointed Negotiating Committee.

The evaluation of the REOI will adhere to the Special Guidelines on Divestiture of State-Owned Enterprises, a framework approved by the Cabinet of Ministers in July 2023.

The Deloitte India acts as Transaction Advisors for the Strategic Divestiture of shares held by the Government in Litro Gas Lanka (LGL) and Litro Gas Terminals (LGT).

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