Laugfs Gas plc, one of Sri Lanka’s premier energy company, last week announced that it had acquired 1.8 million ordinary shares, or 69 percent of the total issued shares, in Petredec Elpiji Limited (PEL), a company incorporated in Bangladesh for a purchase consideration of US$ 18.75 million.
The announcement was made by Laugfs through a market disclosure on October 12.
According to a statement by the company, PEL enjoys a 21 percent market share in Bangladesh and is engaged in downstreaming business of liquefied petroleum gas (LPG) as the third largest LPG downstreaming operator.
Laugfs Group Chairman W.K.H. Wegapitiya had stated that they would now look to expand its market to other countries in the Asian region. “We are aggressively working on it; however, it is too early to disclose in detail,” Wegapitiya had said.
Laugfs Gas is currently in the process of setting up an LPG storage facility in Hambantota.
The downstream sector refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas.