SHV Energy enters LPG market of Bangladesh

Global off-grid energy distributor SHV Energy has officially entered the LPG market in Bangladesh by purchasing 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, according to a statement.

However, Petromax will continue to operate out of Dhaka, with the current team maintaining high operational excellence and customer support levels.

Petromax is a subsidiary of Shahjibazar Power Company Limited, which is a listed on the stock exchanges.

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 transition to LPG as a cleaner energy alternative than the more polluting fuels that are still widely in use,” he added.

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 only four years. I am excited to see SHV Energy grow our vision further to new,” he added.

SHV Energy is a leading global distributor of off-grid energy such as LPG and LNG. It 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.