15 November 2016
15 November 2016
Hexagon Ragasco has entered into a four-year frame agreement with Beximco Group for sales of composite LPG cylinders into the fast growing Bangladeshi market.
As natural gas is a limited resource in Bangladesh, Hexagon says the government aims to reserve this energy source for industrial applications and power generation. Piped natural gas for households is planned to be replaced with bottled LPG, and it is therefore anticipated that the demand for LPG cylinders will be significant in the coming years. The parties are targeting a volume of 1.4 million cylinders over the four-year period of the frame agreement.
Hexagon explains that the first delivery under the frame agreement will be shipped in the fourth quarter of this year. The total value of the initial order is approximately USD 2.1 million (approximately NOK 17 million).
"We expect that this agreement is the start of a long-term collaboration with Beximco Group," says Skjalg Stavheim, Managing Director of Hexagon Ragasco. "With a premium product offering considerable advantages over steel cylinders, we are confident that the composite LPG cylinders will help to make domestic use of LPG in Bangladesh safer and more user-friendly."
"We are very pleased to have entered into a partnership with Hexagon Ragasco. The lightweight LPG cylinders provide numerous advantages over traditional steel cylinders in terms of safety, corrosion-resistance and user-friendliness, and will give improved handling and experience for the distributors and consumers," says Ajmal Kabir, Group Director & CEO, Petroleum & LNG at Beximco Group. "With our leading position, we aim to enter the LPG business in Bangladesh on a large scale."
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