Shell hopeful, agreement yet to be signed

Shell Gas Lanka issuing a statement following the government announcement regarding the cabinet approval to purchase SGLL shares said that, they are hopeful a sale purchase agreement will be signed soon. However at this point, the agreement has yet to be signed and our discussions with the Government remain confidential, the statement adds.

 The Full Statement,

Shell Gas Lanka ‘s Country Chairman & Managing Director Walter Sanchez commenting on the Government announcement regarding Cabinet approval to purchase the shares in Shell Gas Lanka Limited (SGLL) and Shell Terminal Lanka Limited (STLL) from Shell, offered the following statement to the media: 

“Shell and the Government of Sri Lanka are in discussion for the sale of Shell’s shares in SGLL and STLL to the Government. We are hopeful a sale purchase agreement will be signed soon. However at this point, the agreement has yet to be signed and our discussions with the Government remain confidential.

The sale of Shell’s shares in Sri Lanka is in line with Shell’s strategy to refocus its global downstream footprint into fewer, larger markets.  Until a deal is concluded, Shell Gas Lanka’s operations will continue as usual. We wish to state that running a safe, cost-effective and reliable operation remains our top priority.”