Global off-grid energy distributor SHV Energy has officially entered the LPG market in Bangladesh through the purchase of one of the biggest local distributors in this sector, Petromax LPG and Petromax Cylinders.
The purchase agreement has been signed and the closing is expected in the next few months, says a press release.
In the meantime, Petromax will continue to operate out of Dhaka with the current team maintaining the high levels of operational excellence and customer support.
SHV Energy CEO Bram Graber said, "We are excited to be entering the Bangladesh market and look forward to contributing to the further development of Petromax and the LPG industry as a whole.
Bangladesh will be a key market for SHV Energy, with a growing population and an important opportunity to help in the transition to LPG as a cleaner energy alternative than the more polluting fuels that are still widely in use."
Petromax Managing Director Faridul Alam said, "Carrying the proud legacy of our forty-year-old family business, we entered the LPG sector to explore business opportunities in the untapped market of Bangladesh. We proudly built and scaled an LPG downstream and cylinder production business from the ground up, establishing a foothold in this competitive space within a short timeframe of only four years. I am excited to see SHV Energy grow our vision further to new."