Sale of Litro Gas: Bharat Petroleum, Vitol Asia among 8 shortlisted for RFPs

Tuesday, 9 July 2024 00:30 -     - {{hitsCtrl.values.hits}}

India’s Bharat Petroleum and Vitol Asia are among eight shortlisted for Request for Proposal (RFP) stage of the sale of Litro Gas Lanka Ltd., and Litro Terminal Ltd.

The others are Siamgas and Petrochemicals Public Company Ltd., Bgn Int Dmcc and Bayegan Dis Ticaret A.S., Confidence Petroleum India Ltd., OQ Trading Ltd., Tristar Transport LLC, Vitol Asia Pte. Ltd., and Infinity Holdings, Infinity Holdings Sidecar 1 and National Gas Company Saog.

The shortlisted parties were announced by the SOE Restructuring Unit (SRU) following evaluation in accordance with the terms and conditions set out in the Request for Expressions of Interest (EOIs) in compliance with the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023. Accordingly, the Cabinet Appointed Special Project Committee (SPC) and the Special Cabinet Appointed Negotiating Committee (SpCANC).

The Government acting through the Ministry of Finance, Economic Stabilisation and National Policies, called for EOIs from potential investors for the divestiture of its shares in Litro Group on 16 January with 15 March as the deadline. Fourteen parties responded to the EOI including LAUGFS Gas Plc. Others included Epdesa Pte Ltd., Singapore; Ayaz Anonim Sirketi, Republic of Türkiye; United Petroleum Holdings, Malaysia; SiamGas and Petrochemicals Public Company, Thailand; China National Aero Techno, Sri Lanka; Consulting Engineers and Contractors, Sri Lanka.

Deloitte India is the Transaction Advisor for the divestiture.