Business Times

Shell handover on Nov 15

Shell Gas this week concluded a deal to sell its 51% stake in the company to the Sri Lankan government at a price of $63 million, with all assets due to be handed over on November 15, its local chairman Walter Sanchez said.

The same deal includes 100% of shares in Shell Terminal Lanka Ltd. Other government sources said the cabinet will decide next week on the managers of the new company under a new brand name – Litro. Laugfs has been eyeing management of the company.

Mr Sanchez told the Business Times that Shell’s entire staff of 138 workers, in terms of the share sale, will continue to work in the government-owned organisation ‘under the same terms and conditions’.
He said no employee has opted to leave the company following the Shell share sale.

Mr Sanchez, who is returning to the Shell firm in France, said the global company has so far signed LPG sale and purchase agreements with five countries – Sri Lanka, Pakistan, Singapore, Hungary and Poland.

This is line with a review of ownership options for most of the company’s Shell Gas (LPG) businesses. The scope of the review also included France, Belgium, Netherlands, Luxembourg, Denmark, Finland, Sweden, Norway, United Kingdom, Malaysia, Philippines, Singapore and Argentina.

Meanwhile new legislation is being drafted to empower the Public Utilities Commission of Sri Lanka (PUCSL) as the regulator of petroleum industries. The proposed law will permit the PUCSL to determine the price of LP gas in consultation with the Ministry of Petroleum Industries, the Finance Ministry and LP gas companies, a senior PUCSL official.

At present the LPG price is being determined in accordance with the pricing formula proposed by the Supreme Court. The powers to revise prices have been vested in the Ministry of Petroleum Industries, and the Finance Ministry while the Consumer Affairs Authority has the power in ensure reasonable pricing.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Sri Lanka rejects compensation claim in hedging dispute
WTO: Structural reforms needed for growth in Sri Lanka
Jobs: From Israel with love
GK assets including Ceysands Hotel sale suspended
Air Senok soon to fly
SLT Group’s 9-mth pre tax profit tops Rs. 3.73 billion
Not interested?
Comment - Quick-fix tenders, short-cut to development
Feature - Foreign higher education risk rises to highest levels
Feature - ‘Stressed out?’ Learn how to cope
Laugfs IPO opens, says aggressive campaign improved recent revenues
India launches green tribunal
South Asian countries drawn to Sri Lankan trade and investment prospects
Letters
Controversial share offer plan to Golden Key depositors shelved
ComBank Q3 pre tax profits up 54%
Serendib Hotels Plc gets new CEO
SL should target 15% GDP thro’ remittances : Cabraal
On ‘expert’ views on telecom charges
State banks unwilling to give cheap housing loans to ETF members
ComBank cuts interest rates on credit cards
Social Media and Facebook new tools for marketers
Merchant Credit, Ceylease to be merged with MBSL
Sri Lanka’s legal luminaries call for competitive law regime in attracting FDIs
Dr Uditha become Professor
3-day Trade Fair "Trincomalee opens its doors"
Lanka Bell earns coveted ISO 9001 quality certification
More consultation needed in SEC’s proposed public float rules
Piramal Glass show 1st half profit from loss earlier
KVPL posts 9-month net profit of Rs 160 million
Hydro Power Free Lanka Ltd IPO oversubscribed by 57 times
LOLC’s Working Capital Business Unit reports 53% growth
Aitken Spence half-year profits up 37%
JKH earnings up partly due to gains from share sales in subsidiary firms
CSE listing rules may be changed
New questions over Sri Lanka's bid to strike oil
NIC number as new ID for EPF members
2010 Budget created very bad precedent, says senior economist
Memories of the South Asian Econ Undergrads Conference
Book Review: Money, inflation and output
Undersea, western theme events, ‘The Banquet Company’ does it all
MBSL’s rescue formula changes from win-win to threat of liquidation
Shell handover on Nov 15
Sri Lanka one of the safest places for tourists
Harmonisation of IFRS will help Sri Lanka to attract foreign investments
Heraymila investments in SL springboard to South Asia, China
Cargills expands into dairy through Kotmale

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution