BoC to complete Shell due diligence this week

Sanjeevi Jayasuriya

The Bank of Ceylon will complete the due diligence process for the Shell Gas sell-out deal by the end of this week. The Bank is in the process of completing the work related to the due diligence and still no negotiations have commenced with Shell Gas, Bank of Ceylon Chairman Dr. Gamini Wickramasinghe told Daily News Business.

“The Government is ready for negotiations based on the due diligence outcome. It has shown keen interest to enter into LPG market in the country,” he said.

Meanwhile Shell Gas Finance Director and Country Controller Rimoe Saldin said negotiations will commence once the Government completes its due diligence process.

The discussion between the Government and Shell Gas is yet to take place, he 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) business.

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 share in Shell Gas Lanka while the Government owns the balance.