The high-level committee appointed by the Cabinet for the purchase of the controlling shares of the Shell Lanka Gas Company expects to
complete the negotiations within the next two days. The Chairman of the Committee and the Secretary to the Prime Minister Mr. S.Amerasekera told the Information Department this morning that the Bank of Ceylon has completed the Due Diligence report prepared by the Bank in this regard and the Committee expects to receive the report today in order to proceed with the negotiation process.
The other members of this high-level Committee are Secretary to the Ministry of Petroleum Industries Mr. H.T.M.Jayawardene, Secretary to the Ministry of Power and Energy, Mr. M.M.C.Fernandes, Secretary to the Ministry of Transport Dr. Lalithsiri Gunaruwan, and Deputy Secretary to the Treasury , Mr. U.S.Seneviratne.
Shell Gas is the leading liquefied petroleum distributor with another market follower the Laughs Gas in Sri Lanka and distribution by the market leader amounts to 550 tons a day. The Sapugaskanda refinery, due to its limited production capacity, provides 50 Tons/day of this amount and the rest is imported.
The Government has decided to repurchase the 51% stake in the Firm held by Shell, following privatization of this Institution by the previous government. The balance 49% is owned by the government. With the acquisition of the controlling shares of this Company, the government will be able to purchase gas in the global open market at competitive prices and distribute to the consumer at economical rates.(niz)
Courtesy: Government Information Department
