Insurance Corp buys major Shell stake

Sri Lanka Insurance Corporation Ltd has acquired a major stake in Shell Petroleum operating in Sri Lanka.

Rebranded as Litro Gas Lanka Limited and Litro Gas Terminal Lanka, the initial months of transition was not a smooth sail, with the task of internal change management and the criticism levelled at the state on the acquisition of a business entity with marginal profits.

The new management embarked on an uphill journey to mould a national brand that would be a beacon to the State business sector.

The LPG industry in Sri Lanka relies on imports from the world market to cater to around 90% of the countries LP Gas requirements.

After over a year under the efficient and prudent management of the Board of Directors, Litro Gas has now recorded profits in spite of sharp increases in the world LP Gas prices.

Litro Gas has also endeavoured in maintaining a price lower than the allowed formula price, thus giving a great benefit to all its customers. This has also enabled the company to maintain a stable price protecting the customers from the volatility in the global LPG market.

Litro Gas also continues to invest in new cylinders, catering to the demand islandwide, facilitating easy access to all Litro Gas customers to purchase their LP Gas requirements from conveniently located points of sale.

This is backed by a network of strategically located dealers and distributors that ensure reliable supply at all times.

The company continues to modernize its facilities including the terminal, filling plant and truck fleet to increase efficiency.