Dec 27, 2018 (LBO) – Laugfs Gas will infuse 1,150 million rupees for the expansion of its LPG Transshipment Terminal facility located at Hambantota International Port, the company said in a stock exchange filing.
Under the expansion plan, the storage capacity of the terminal to be extended up to 45,000 MT from 30,000 MT supporting their rapid expansion plans to become an integrated regional LPG player in the Indian Ocean Rim area.
The project carried out under its fully owned subsidiary, Laugfs Terminals is expected to pave the way for recognizing Sri Lanka as a commercial hub which will create an inflow of foreign currency into the country.
It would also allow LPG to be imported to Sri Lanka at very competitive prices which would be beneficial to local LPG operators and the end consumer.
Laugfs Gas further said an equity infusion of 130 million rupees was already made in order to cater to the immediate requirements of the project whilst the rest to be utilized as required.