Apr 05, 2011 (LBO) - Sri Lanka's Laugfs Gas will get 50 percent of the liquefied petroleum gas (LPG) produced by state-run Ceylon Petroleum Corporation, up from an earlier 30 percent on a presidential directive, the company said.
Laugfs Gas got all of the LPG produced by a refinery at state-run Ceylon Petroleum Corporation until the state acquired the gas business of Shell petroleum. The firm now trades under the name Litro Gas.
Following the acquisition CPC had given 70 percent of its output to Litro and 30 percent to Laugfs.
But Sri Lanka's president Mahinda Rajapaksa had overturned the decision, Laugfs Gas said.
"His Excellency the President whilst instructing the high officials to ignore the market share basis assured Laugfs 50 percent of the LP Gas production according to His Excellency’s mission to safeguard and protect the local industries," the firm said in a statement.
The directive followed an April 04 meeting with the President attended by Treasury Secretary P B Jayasundera, Litro Gas chairman Gamini Senarath, Petroleum Secretary Titus Jayewardene, CPC chairman Harry Jayawardene and Laugfs chairman W K H Wegapitiya, the firm said.
source - www.lbo.lk
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