ANNOUNCEMENT 03 Nov 2010In November 2010, the government of Sri Lanka announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Sri Lankan Sunday Times: http://www.sundaytimes.lk/100627/Columns/eco.html
Sri Lankan Sunday Observer: http://www.sundayobserver.lk/2010/11/14/fin10.asp
On November 3, 2010, the government of Sri Lanka bought back for USD 63 million the 51 per cent stake of Shell Gas Lanka and the 100 per cent stake of Shell Terminal Lanka owned by the Anglo-Dutch oil company Royal Dutch Shell.
Those companies had been privatized in 1996 for USD 37 million.
After this deal, importation, storage and distribution of gas will be operated by a 100 per cent Sri Lankan company. The Treasury Secretary announced that the Shell Gas Lanka would be renamed Litro Gas and Shell Terminal Lanka would become Litro Gas Terminal Lanka.
This measure is included in the GTA database because the nationalisationwas forced and the compensation of Royal Dutch Shell may be tothe detriment of their commercial interests.