Vitol Asia, Bharat Petroleum among bidders for Sri Lanka's LPG assets

9 Jul 2024 , 04:09 PM

Vitol Asia and Bharat Petroleum are among eight companies bidding for Sri Lanka’s state-owned LPG company and terminal. The initiative aims to reduce the financial losses of government-owned enterprises under a $2.9 billion IMF program.

The Sri Lankan government has invited these bidders to submit proposals for acquiring shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited.

Sri Lanka’s finance ministry released a statement listing the shortlisted bidders.

Other shortlisted bidders include:

•   Siamgas and Petrochemicals Public Company Limited
•   Bgn Int Dmcc and Bayegan Dis Ticaret A.S
•   Confidence Petroleum India Limited
•   OQ Trading Limited
•   Tristar Transport LLC
•   Infinity Holdings and Infinity Holdings Sidecar 1
•   National Gas Company Saog

Litro Gas Lanka dominates Sri Lanka’s LPG market, primarily catering to domestic gas supplies. In March, Sri Lanka secured an IMF program, committing to economic reforms to recover from a severe financial crisis.