Gas Wrap

Oct 12, 2010 (LBO) – Sri Lanka’s government is expecting to wrap up the purchase of Shell’s gas unit in the island within a month, Sirisena Amarasekera, who heads the state committee in charge of the deal said. Sri Lanka’s information minister Keheliya Rambukwella has said the government was planning to sell down a 49 percent stake to the public and list the gas firm in the Colombo Stock Exchange.

The government is paying 63 million US dollars for a 51 percent stake in Shell Gas Lanka in which it already owns 49 percent and for a 100 percent stake in a storage terminal company.

The government originally sold the then Colombo Gas Company to Shell as part of a privatization exercise.

An earlier government statement said the firm had a capital of 37.9 million US dollars and 65 million US dollars had been invested in the terminal company. Another 24 million US dollars had been invested in building other infrastructure.

Notify of
Inline Feedbacks
View all comments