Bharat Petroleum among eight bidders for Sri Lankan LPG company and terminal

A man paints the logo of oil refiner Bharat Petroleum Corp (BPCL) on a wall on the outskirts of Kochi

Vitol Asia and Bharat Petroleum are among eight bidders for Sri Lanka's state-run LPG company and terminal as the island nation looks to reduce losses incurred by government-owned enterprises under a $2.9 billion International Monetary Fund (IMF) programme.

The eight bidders can now submit proposals to the Sri Lankan government for the acquisition of shares in Litro Gas Lanka Limited and Litro Terminals (Private) Limited, a statement released by Sri Lanka's finance ministry said.

The other shortlisted bidders are Siamgas and Petrochemicals Public Company Limited, Bgn Int Dmcc And Bayegan Dis Ticaret A.S, Confidence Petroleum India Limited, OQ Trading Limited, Tristar Transport LLC and Infinity Holdings, and Infinity Holdings Sidecar 1 and National Gas Company Saog.

Litro holds the largest market share in Sri Lanka's duopoly LPG market that is mostly focused on domestic gas supplies.

Sri Lanka finalised an IMF program with the global lender last March, pledging to reform its economy to emerge from its worst financial crisis in decades.