Sri Lanka’s LAUGFS acquires USD6mn LPG ship

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Oct 05, 2015 (LBO) – Sri Lanka’s LAUGFS Maritime Services, a logistic arm of LAUGFS Gas PLC, said it acquired their second LPG ship to provide logistic support for the growing LPG demand in the country.

This second acquisition was made with a total expected investment of USD 6 million, is named as MT ”Gas Success”, have a capacity to carry 3,500 M/tons of LPG, which will increase logistic capabilities of the company.

“As a company that embodies a truly Sri Lankan identity, we have always focused on extending our horizons beyond national borders, carrying this identity to a regional and global sphere with our strategic business investments and interests,” W. K. H. Wegapitiya, chairman of LAUGFS Holdings said in a statement.

“Capitalizing on the location-specific advantage of being in the center of Indian Ocean, we make our contribution to promote Sri Lanka as the energy logistic hub within the next three years,”

“Though we are an island nation surrounded with the Indian Ocean, and located in the closest vicinity of the international sea route, very little has been done to make our country a maritime hub,”

“These vessels would not only cater to the domestic requirements of LAUGFS, but also would support regional demands.”

LAUGFS’s maiden acquisition of LPG ship MT “Gas Challenger”, with a capacity to carry 3,500 m/tons of LPG, was made one year ago marking its entry into maritime business.

LAUGFS recently announced their plans to build the largest LPG storage facility within Hambantota Port area, which would act as the central LPG storage hub for the entire region, from which the LAUGFS vessels would deliver LPG to other markets in the region of South and South East Asia.