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Government buys Shell shares

Nov 3, 2010 11:08:33 AM - itnnews.lk

Shell Gas Company becomes a complete Government entity. Shell gas will be released to the market as Litro.

The total number of shell gas consumers in the country is 4.5 million. Of this 75 percent are domestic gas consumers. Shell Gas Company received 51 percent of the share with the privatization of Lanka Gas Company in 1995. The Government received only 49 percent of the shares. In addition to Shell Gas Company, Shell Gas Terminal was also established. The Government signed the share purchase agreement with Shell to acquire 51 percent of shares in Shell Gas Lanka Limited and 100 percent of share in Shell Terminal Lanka Limited at the Finance Ministry today. This follows the Government securing Cabinet approval to acquire Shell’s LPG business in Sri Lanka on 6th October.

With the Government’s ownership and management and in collaboration with the Sri Lanka Insurance Company, the import, storage and division will be made under the Litro Company. Finance Secretary Dr. P.B.Jayasundera and head of the Presidential Staff and Chairman of the Sri Lanka Insurance Corporation Gamini Senarath inked the agreement. Andrew Crowe, General Manager of Shell Gas Company signed the agreement on behalf of his company.

Piyadasa Kudawalage has been appointed as Chief Executive Director of Litro Company with effct from today. Gamini Senarath will serve as the Chairman. The Government’s intention is to provide maximum benefits to the public with the acquisition of Shell Gas Company.