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Saturday, 19 June 2010

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Many eyeing Shell

Government also in the fray:

Three to four multi-national companies are vying for the Shell Gas company shares which are on offer.


The Shell Gas Lanka plant in Kerawalapitiya

The Shell Gas sell out deal is still in the preliminary stage and the Laugfs Holdings Limited is interested in securing the deal, Laugfs Holdings Limited Chairman W.K.H. Wegapitiya told Daily News Business.

“We are delighted at the prospect that Shell operations will come back to Sri Lanka. The parent company will list out the possible buyers and send a common document before finalizing the deal,” he said. This will be a long process as Shell is a highly structured multi- national company.

The Bank of Ceylon has been appointed as the advisor to the Government on this buy-out deal.

“The Bank would consider the financial strengths of Shell Gas and advice the Government accordingly. The Government is seriously looking at this deal exclusively with due diligence. However, a feasibility study will be conducted before reaching a final decision,” BOC Chairman Dr. Gamini Wickramasinghe said.

A number of companies have expressed interest in the Shell Gas sell-out deal and we are working on it, Shell Gas (LPG) Finance Director and Country Controller Rimoe Saldin said.

A number of local and international companies have shown interest in the Shell company deal as it has operations in many countries. They will be short-listed. However, no negotiations have commenced so far.

The negotiations between the Government and Shell company is expected to take place shortly, Saldin said.

Shell recently said it is discussing with third parties as part of a review of ownership options for most of the company’s liquefied petroleum gas (LPG) businesses.

The scope of the review is the Shell Gas (LPG) businesses in France, Belgium, Netherlands, Luxembourg, Denmark, Finland, Sweden, Norway, Hungary, Poland, United Kingdom, Malaysia, Pakistan, Sri Lanka, Philippines, Singapore and Argentina.

Shell owns 51 percent shares in Shell Gas Lanka while the Government owns the balance.

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