Sri Lanka shortlists eight bidders for Litro Gas divestiture
The Morning: The Government of Sri Lanka has invited Expressions of Interest (EOI) from potential investors to divest its shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited.
Eight bidders have been pre-qualified for the next stage after a thorough evaluation of the submissions.
The Cabinet Appointed Special Project Committee (SPC) and Special Cabinet Appointed Negotiating Committee (SpCANC) will now proceed with the Request for Proposal stage.
Moreover, the Cabinet Appointed Negotiating Committee (SpCANC) have pre-qualified the following bidders for the Request for Proposal stage: Bharat Petroleum Corporation Ltd; 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; Vitol Asia Pte. Ltd; Infinity Holdings, Infinity Holdings Sidecar 1 and National Gas Company Saog
OSL take:
Sri Lanka’s ongoing programme to restructure state-owned enterprises (SOEs) in-line with the country’s economic revival programme has presented a host of new business/investment opportunities for foreign businesses/investors looking for opportunities in the South Asian region. With Sri Lanka on the path to becoming a regional hub supported by the country’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions, the country’s economy is on an expansion path creating opportunities in all key economic sectors. Sri Lanka’s growing business potential has been noticed by foreign businesses/investors and the interest shown by them in the SOEs identified by the Sri Lankan government to be divested is indicative of this. Given the increasing interest shown by foreign businesses/investors in Sri Lanka other foreign businesses/investors could also confidently explore the growing business/investment opportunities in Sri Lanka. Foreign businesses could also look at forming partnerships or joint ventures with local businesses with the aim of further expanding operations locally and internationally.