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Thursday, October 7, 2010

Sri Lanka to buy out Shell gas for US$63mn

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

State banks and state-run Sri Lanka Insurance Corporation will help finance the purchase.

Shell is exiting its Asian oil operations. The balance 49 percent of the firm is also owned by Sri Lanka's government. Shell originally acquired the firm as part of a privatization drive.

Sri Lanka suffered frequent shortages of gas and new cylinders were not available to prospective new customers when gas distribution was a government monopoly.

Shell also built a terminal to store gas.

source - www.lbo.lk