Sri Lanka Cabinet approves buying back of Shell stake

Sri Lanka Cabinet of Ministers has granted approval for a proposal to buy a majority stake of Shell Gas Lanka for a $63 million, Government Information Department said today.

Royal Dutch Shell owns a 51 percent stake in its local company Shell Gas Lanka. The government which already owns 49% of the shares of Shell Gas is now negotiating to acquire the rest of the shares.
The government appointed a committee chaired by the Secretary to the Prime Minister Sirisena Amarasekara to negotiate the deal.

The government rationalizes its move stating LP Gas has become an essential commodity in present Sri Lanka.