Omera Petroleum to Acquire Totalgaz’s LPG Business in Bangladesh

PNN News Desk | Dhaka:
French company Totalgaz’s LPG business in Bangladesh will soon be taken over by Omera Petroleum Limited. Premier LP Gas Limited, which was previously a joint venture, has been operating under the Totalgaz brand until now.

According to an announcement on the Dhaka Stock Exchange, Omera will purchase 99.99% of Totalgaz’s shares, with a tentative price set at BDT 22.7 crore. The acquisition is now awaiting approval from the relevant regulatory authorities.

Industry experts believe that this consolidation will further increase Omera’s market share in Bangladesh’s LPG sector and strengthen the company’s position.

Totalgaz began operations in Bangladesh in 2002 and quickly became one of the country’s top three LPG importers and marketers. However, over time, their market influence decreased somewhat due to investments from larger local companies.

The announcement of the share purchase had minimal impact on Omera’s parent company MJLBD’s stock price; on Monday, the share price increased by only 2% to BDT 101.50. Notably, the company has provided cash dividends of 52% in 2024, 50% in 2023, and 50% in 2022.