ECONOMYNEXT – Sri Lanka’s Laugfs Gas said it will will set up a cylinder manufacturing plant, and expand distribution and storage in Bangladesh.
"As an energy conglomerate with a strong footprint within the region, we plan to invest significantly in Bangladesh over the next three years for capacity enhancement, expanding storage volume, setting up a cylinder manufacturing plant and expanding our distribution centres,” Laugfs Gas chief W K H Wagapitiya has said.
He was speaking at a reception in Bangladesh hosted by the firm and attended by Sri Lankan President Maithripala Sirisena, Foreign Minister Ravi Karunanayake, Bangladesh Foreign Minister Shahriar Alam, Energy Minister Narul Hamid and Telecom Minister Nunaid Ahmed Palak.
LAUGFS Gas entered Bangladesh in 2015 acquiring gas distributor Petredec Elpiji Limited. Laugfs imports and distributes over 50,000 metric tonnes of liquefied petroleum gas a year. It operates a bottling and distribution facility in Mongla Port, and sells 12kg and 45kg cylinders for domestic and industrial customers.
"The LAUGFS Gas brand signifies quality, reliability and safety," LAUGFS Holdings Group Managing Director Thilak De Silva said.
"As a brand trusted across the region, we have made it a priority to make a positive impact on the lives of the people of Bangladesh. Strengthening our investments, creating more local employment opportunities and engaging our local communities will all serve towards this commitment."
Laugfs Group has its own vessels, and is also expanding operations in Sri Lanka. (Colombo/July15/2017)