Gas Auction

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Shell Sri Lanka is gearing up for a due diligence of local operations, falling in line with parent plans to sell off its global LPG business, and grow its hunt for oil. Shell Sri Lanka is gearing up for a due diligence of local operations, falling in line with parent plans to sell off its global LPG business, and grow its hunt for oil.

The Royal Dutch Shell Group said last month that it was looking at shedding its global Liquid Petroleum Gas (LPG) operations, after an unsolicited bid to buy it over.

“We are preparing for the divestment review, and we are in the process of getting data rooms ready for the due diligence,” Corporate Affairs Director for Shell in Sri Lanka, Dr. Mahesha Ranasoma said.

“But it’s still in early stages. From now till a decision is taken to divest, it will take about nine to 12 months.”

Ranasoma says local operations will go on smoothly. “If the divestment goes through, it is a change in the shareholding structure. Local operations and supplies will continue without disruption.”

The Anglo-Dutch group has been trying to dispose of its under-performing and non-core operations, to help finance an estimated US$ 45 bn in capital