Jan 09, Colombo: LAUGFS, one of the largest diversified conglomerates in Sri Lanka, is set to mark another monumental milestone by being the first to register a vessel at the Hambantota Port.
The announcement was made together with the purchase of another LPG vessel under LAUGFS Maritime, in its plans to rapidly expand its vessel fleet. This latest LPG carrier was acquired for an investment of over USD 2.8 million, and is registered under the Sri Lankan flag as Gas Courage.
"Being a conglomerate that takes pride in our Sri Lankan roots, we are extremely pleased to be able to register the first ship at the Hambantota Port," commented LAUGFS Holdings Chairman, W.K.H. Wegapitiya.
"We have been aggressively expanding our interests in the Power and Energy sector as part of our global expansion strategy. Our plans are to strengthen our vessel fleet to 20 carriers soon, to cater to the growing logistics demand within the region as well as by our own LPG operations in Sri Lanka and Bangladesh. Gas Courage will expand logistic capabilities of LAUGFS Maritime with another 3,000 M/Tons of LPG capacity. As global energy demand continues to rise, we are quickly gearing up to support these future requirements and to capture emerging opportunities, with strong investments especially focusing on energy infrastructure," he continued.
LAUGFS is currently setting up one of the largest LPG Import & Export Terminals in South Asia at Hambantota. The terminal, which is expected to be commissioned in 2018, is expected to support the growing LPG demand serving as a central storage hub for the region. Further, the energy trading arm of LAUGFS, SLOGAL Energy DMCC, was set up last year with headquarters in Dubai. LAUGFS has also become the first Sri Lankan energy brand to become a multinational, with the acquisition of the 3rd largest LPG distributor in Bangladesh, one of the most lucrative emerging markets for LPG in Asia.
"As a home-grown conglomerate, we take great pride in being able to register another vessel under our Sri Lankan flag," commented LAUGFS Holdings Group Managing Director, Mr. Thilak De Silva.
"Our aim is to help make Sri Lanka an energy logistic hub, by leveraging on our country’s location-based advantages and LAUGFS’s extensive industry knowledge and capabilities in the Power and Energy sector. Expansion of the vessel fleet of LAUGFS Maritime and investments into building one of the largest LPG Import and Export Terminals by LAUGFS Terminal are all steps taken towards achieving this strong ambition. From local employment creation to infrastructure development, these will yield tremendous benefits to our country," he further remarked.
LAUGFS is one of the largest diversified business conglomerates and a trusted name in Sri Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries in Sri Lanka and overseas, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure, logistics and real estate sectors. With over 4,000 employees and an annual turnover exceeding Rs.28 billion, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand. (LAUGFS Press release)