Sri Lanka’s State-Owned Enterprises Restructuring Unit has announced that eight parties have qualified to bid for Litro Gas Lanka and Litro Terminals (Pvt) Limited.

The bidders approved by a special Cabinet Appointed Negotiating Committee to progress to the requests for proposals stage includes Bharat Petroleum Corporation among others. Bharat Petroleum is an Indian Public Sector Undertaking, is a leading oil and gas company in India.

Litro holds the largest market share in Sri Lanka’s duopoly LPG market that is mostly focused on domestic gas supplies. IMF has maintained that it is important to make sure that the SOEs are financially viable going forward in the process of recovery of the economy.

IMF approved a 2.9 billion USD bailout package last year after the island had slipped into its worst ever economic crisis.