Laugfs Gas PLC, a pioneering force in Sri Lanka’s LPG industry, is planning to aggressively invest in Africa.
“We see huge growth opportunities in the African region and are looking at shifting some of our investments in Bangladesh to Africa,” said the LPG Cluster CEO Dr. Niroshan J. Pieris.
He said that to support the Government’s praiseworthy economic consolidation processes last week they also decided to reduce LPG gras prices by a huge margin.
He said that Laugfs Gas PLC operates one of the largest LPG import and export terminals in the Indian Ocean region at the Hambantota Port, capable of handling 30,000 m/ton shipments. “This strategic advantage enables the company to optimise LPG costs, thereby facilitating this massive price reduction to the local public.”
“This significant price revision comes as a testament to several positive developments and factors contributing to the favourable economic climate,” Pieris said.
He said that armed with this region’s largest LPG import and export terminal and being the only private sector LPG Company listed on the Colombo Stock Exchange (CSE), they have also made a strong bid to acquire state owned Litro Gas and is short listed in the tender for divesting.
Laugfs Gas PLC maintains a fleet of LPG vessels, solidifying its position as the only Sri Lankan LPG ship-owning company. Leveraging its robust infrastructure and logistic capabilities, the company has emerged as a leading LPG trader in the Asian region. “We feel we can give a better return to the local public if we are given to run litro as well.”
Laugfs Gas PLC acknowledges the supportive government policies, including the appreciating value of the Sri Lankan Rupees against the US dollar, reduction in interest rates, and the availability of ample foreign exchange facilitating the opening of letters of credit.
Since the expiration of the trade monopoly held by multinational Shell Gas in 2000, Laugfs Gas PLC has emerged as the sole private sector player in the highly dynamic LPG industry in Sri Lanka. From its humble beginnings, the company has evolved into a regional energy powerhouse, with world-class LPG infrastructure.
