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Laugfs inks agreement with Chinese firm to build US$ 80mn LPG terminal in Hambantota

18 November 2015 02:45 am - 0     - {{hitsCtrl.values.hits}}

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By Lahiru Pothmulla

Laugfs Terminals Limited, a subsidiary of Laugfs Gas PLC yesterday signed an agreement in Colombo with the China Huanqiu Contracting and Construction Corporation (HQC) to construct the Laugfs LPG (Liquid Petroleum Gas) Terminal at the Magampura Mahinda Rajapaksa Port in Hambantota.

 The US $ 80 million project is the first and the largest investment in the Hambantota Port and the construction company HQC is scheduled to hand over the terminal to Laugfs Terminals Limited for operations once the construction is completed in two years time.

 “The Laugfs Terminal will be one of the largest LPG import and export terminals in its class in South Asia in terms of storage capacity and will be the most strategic in terms of its location. The first phase of the project to be completed at a cost of US$. 51. 8 million will have the capacity to store 30,000 MT of LPG. At the next phase, the capacity would be expanded by 15,000 MT,” Laugfs Group Chairman and Chief Executive, W.K.H. Wegapitiya said.

 He said the port is strategically located in the middle of the world’s largest nautical/shipping routes and the proposed Laugfs Terminal would benefit by it immensely.

“Hambantota is a strategic location. It is also in close proximity to some of the largest emerging LPG markets, including India, Bangladesh, Myanmar, Eastern and Southern Africa. The Terminal will also service vessels from small pressurized vessels to VLGCs (Very Large Gas Carriers),” he said.

 Wegapitiya said 60 percent of the LPG from the terminal would be exported to  neighbouring countries while 30 percent would be allocated for domestic consumption.   

 The terminal would handle local distribution of LPG through LPG road tanker trucks and would further have an onsite LPG bottling facility.

 Meanwhile, HQC Chairman Li Yuping said that they were happy to work with Laugfs Gas PLC, which he said one of the most dynamic energy sector firms in Sri Lanka.

 “We have been in Sri Lanka for over 18 years and this is the first time that we have come to an agreement with a private sector firm,” he added.
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