Vitol Asia and Bharat Petroleum among bidders for Sri Lanka’s state-run LPG company

Vitol Asia and Bharat Petroleum are among eight bidders competing for Sri Lanka’s state-run LPG company and terminal. This move is part of Sri Lanka’s effort to reduce losses from government-owned enterprises under a $2.9 billion IMF programme.

The shortlisted bidders can now submit proposals for acquiring shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited, according to a statement from Sri Lanka’s finance ministry.

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Other bidders include Siamgas and Petrochemicals Public Company Limited, Bgn Int Dmcc And Bayegan Dis Ticaret A.S, Confidence Petroleum India Limited, OQ Trading Limited, Tristar Transport LLC, Infinity Holdings, and National Gas Company Saog.

Litro holds the largest market share in Sri Lanka’s LPG market, primarily focused on domestic gas supplies.

Sri Lanka finalized an IMF program last March, aiming to reform its economy and recover from its worst financial crisis in decades.