“Many international firms are talking to us,” an official told the Business Times, adding that they are in discussion mostly with British and Middle East firms.
“A Memorandum of Agreement was signed to purchase Liquid Petroleum Gas (LPG) Vessel ‘Gas Puffer’ and to be re-named as ‘Gas Challenger’ and register under the Sri Lankan flag,” LMS said in a stock filing, adding that it cost US$ 6.9 million.
LMS will own, operate, hire and charter various types and sizes of ships including LPG vessel and other type of vessel that can carry various energy products and depending on the need each year LMS has plans to acquire a ship.
The official said that Laugfs Gas is eyeing to collaborate with their suppliers partners in a bid to trade LP Gas and oil in the South Asian region as well. The LP Gas supply in Asia is mostly linked to refining. In the Middle East, it’s linked mostly to associated gas with a growing linkage to non associated gas, whilst in North America it’s essentially linked to non-associated gas, he said, noting that the company is surveying all these aspects in its decision to enter countries in the South Asian region.
The company also has plans to set up a LPG storage terminal expected to be commissioned in two years.