Gas Buy

Oct 07, 2010 (LBO) - Sri Lanka will purchase a 51 percent stake in a liquid petroleum gas distributor in the island from Shell, a Dutch oil firm, for 63 million US dollars the government's information office said Shell also built a terminal to store gas.

See update on this story below with details of proposed sell down of state stake. State banks and state-run Sri Lanka Insurance Corporation will help finance the purchase.
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Shell is exiting its Asian oil operations. The balance 49 percent of the firm is also owned by Sri Lanka's government.
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Shell originally acquired the firm as part of a privatization drive.
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Sri Lanka suffered frequent shortages of gas and new cylinders were not available to prospective new customers when gas distribution was a government monopoly.

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