Royal Dutch Shell Plc, Europe’s largest oil company, said Power Gas Ltd. bids to acquire a 67.9 percent stake in its liquefied petroleum gas unit in Pakistan
JS Private Equity Fund LLC and Jamshoro Joint Venture Ltd. also bid for the stake in Shell Gas, according to filings to the stock exchange on May 4 and May 10 respectively. Shell Gas rose 2.2 percent to 55.12 rupees (65 cents) on the Karachi Stock Exchange today.
Advent International Plc, PAI Partners, Axa Private Equity, CVC Capital Partners Ltd., First Reserve Corp. and Riverstone Holdings LLC, an energy fund that works with Carlyle Group, are also bidding for some of Shell’s LPG assets, people with knowledge of the matter said earlier this month.
LPG, a byproduct of crude-oil and natural-gas extraction and oil refining, is used for cooking, heating and motor fuel.
The Anglo-Dutch company is examining possible LPG interest sales in France, Belgium, the Netherlands, Luxembourg, Denmark, Finland, Sweden, Norway, Hungary, Poland, the U.K., Malaysia, Pakistan, Sri Lanka, Philippines, Singapore and Argentina.