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. 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, says: “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, says: “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
SHV Energy is a leading global distributor of off-grid energy such as LPG and LNG, and is active in the area of biofuels and renewable energy solutions. SHV Energy enables its customers to switch from heating oil and solid fuels to cleaner fuels resulting in a lower carbon impact and improved air quality. SHV Energy is a wholly owned subsidiary of SHV, a family-owned multinational, and consists of a group of specialised energy companies. Their brands include Calor (UK), Ipragaz (Turkey), Supergasbras (Brazil), Pinnacle (U.S.) and SHV Energy China. This global distributor provides decentralised, low-carbon and clean energy solutions to 30 million business and residential customers on four continents, who are not on the energy grid.