BoC to complete Shell due diligence this week
Bank of Ceylon will complete the due diligence process for the Shell Gas
sell-out deal by the end of this week. The Bank is in the process of
completing the work related to the due diligence and still no
negotiations have commenced with Shell Gas, Bank of Ceylon Chairman Dr.
Gamini Wickramasinghe told Daily News Business.
“The Government is ready for negotiations based on the due diligence
outcome. It has shown keen interest to enter into LPG market in the
country,” he said.
Meanwhile Shell Gas Finance Director and Country Controller Rimoe
Saldin said negotiations will commence once the Government completes its
due diligence process.
The discussion between the Government and Shell Gas is yet to take
place, he said. Shell recently said it is discussing with third parties
as part of a review of ownership options for most of the company’s
liquefied petroleum gas (LPG) business.
The scope of the review is the Shell gas (LPG) businesses in France,
Belgium, Netherlands, Luxembourg, Denmark, Finland, Sweden, Norway,
Hungary, Poland, United Kingdom, Malaysia, Pakistan, Sri Lanka,
Philippines, Singapore and Argentina.
Shell owns 51 percent share in Shell Gas Lanka while the Government
owns the balance.