SHV Energy signed a $80 million agreement to purchase Petromax LPG and Petromax Cylinders in the fast-growing Bangladesh LPG market.
According to market insiders, the reported value of the purchase is at least $80 million. Since its inception in 2018, LPG has been one of the fastest-growing LPG companies in Bangladesh, according to the company. The majority of its volume is distributed to the domestic market, which in Bangladesh cooks with 12 kg cylinders. Petromax also caters to the commercial, industrial, and autogas markets. The cylinder manufacturing plant is two hours outside of Dhaka and was built to meet the growing LPG market.
There are two filling plants in Bangladesh: one in Mongla (in the south of the country), which also serves as an import terminal for LPG, and one in Rupgone, about an hour outside of Dhaka.
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