Mar 08, 2016 (LBO) – Sri Lanka’s Laugfs Gas announced the expansion of it’s regional presence with a new business venture in Dubai Multi Commodity Center which commenced operations as a fully-fledged international energy trading business.
Named as SLOGAL Energy, this fully owned trading arm of Laugfs Gas commenced operations from Dubai as a international energy trading business, a company statement said.
The new venture is expected to assist with Laugfs international operations, while also catering to requirements of its international clients.
“We have been aggressively focused on expanding our geographical presence and to diversify our portfolio as an energy conglomerate. Setting up our Dubai operations with SLOGAL would further reinforce LAUGFS’s position as a global player,” W.K.H. Wegapitiya, Chairman, Laugfs Holdings said in a statement.
“Dubai is a lucrative strategic location ideal for creating a global trading hub due to its advantageous geographic position, connecting some of the world’s fastest growing economies. ”
The new trading arm will also serve as a vehicle for our future investments in the energy sector, helping to further strengthen Laugfs position as a global energy conglomerate.
Laugfs Gas commenced operations 20 years ago with the Auto Gas conversion business while it’s power and energy portfolio has today extended into LPG downstream activities, petroleum retailing, manufacturing and distribution of lubricants, renewable energy solutions as well as international LPG logistics services.
“In addition to the services offered to its global client base, SLOGAL will further bring in multiple benefits for LAUGFS businesses, by helping us to expand our diverse product portfolio to the Middle Eastern market, which presents a fast growing economy with tremendous potential,” Thilak De Silva, Managing Director, Laugfs Holdings Group said.