Sri Lankan liquid petroleum gas company Laugfs has announced its signing of a joint venture agreement with the Bharat Petroleum Corporation Ltd of India on Tuesday to bring to the local market what it terms as an "innovative metal cutting gas" under the "'Laugfs Bharat Metal Cutting Gas' (LBMCG)." This was according to a Colombo Stock Exchange filing made this week.
The filing also revealed that "Laugfs Gas Ltd will have to pay quarterly under the agreement only a royalty fee to Bharat Petroleum Corporation Ltd (BPCL) India, US$ 250 per metric tonne or part thereof on LBMCG sold under the licence from BPCL."
Also suggested was that the gas would be a more economical and safer substitute to those using Acetylene. |
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