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.
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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