Laugfs expands regional energy trading business to Dubai | Daily News

Laugfs expands regional energy trading business to Dubai

Laugfs senior management at the Dubai office opening ceremony.

Laugfs Gas has incorporated a new business venture in Dubai Multi Commodity Center (DMCC), located at one of the free trade zone areas, in its regional expansion strategy.

Named as SLOGAL Energy DMCC, this fully owned trading arm of Laugfs Gas commenced operations from Dubai as a fully-fledged international energy trading business.

The opening of its Dubai trading operation marked another important milestone in Laugfs’ global expansion strategy, further strengthening its power and energy portfolio.

SLOGAL Energy DMCC will offer a portfolio of maritime services focusing upon acquiring, managing, operating and chartering of LPG vessels. This is expected to assist with Laugfs’s international operations, while also catering to requirements of its international clients.

“We have been aggressively focused on expanding our geographical presence and to diversify our portfolio as an energy conglomerate.

Setting up our Dubai operations with SLOGAL would further reinforce Laugfs’ position as a truly global player,” Laugfs Holdings Chairman, W.K.H. Wegapitiya said.

“Dubai is a lucrative strategic location ideal for creating a global trading hub due to its advantageous geographic position, connecting some of the world’s fastest growing economies.

Its convenient location on the new Southern Silk Road connecting Asia, Africa, Latin America as well as Europe makes it a crucial trans-continental commercial hub with optimum trading conditions,” he further stated.

“The new trading arm will also serve as a vehicle for our future investments in the energy sector, helping to further strengthen our position as a global energy conglomerate.”

“Our Dubai operation with SLOGAL represents another significant milestone in this journey as we expand our global presence providing a transparent, low cost and an efficient trading platform,” commented Laugfs Holdings Group Managing Director, Thilak De Silva said.

“In addition to the services offered to its global client base, SLOGAL will further bring in multiple benefits for Laugfs expands regional energy trading business to Dubai businesses, by helping us to expand our diverse product portfolio to the Middle Eastern market, which presents a fast growing economy with tremendous potential. SLOGAL will also engage in sourcing materials for our Laugfs expands regional energy trading business to Dubai businesses and our customers,” he said. 

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