Omera Petroleum acquires Totalgaz Bangladesh for Tk227cr

Omera Petroleum, a subsidiary of MJL Bangladesh PLC, has acquired almost all shares of Premier LP Gas Limited — commonly known as Totalgaz Bangladesh — for Tk227 crore, subject to regulatory approval.

With the transaction, Omera now holds 99.995% of Premier LP Gas.

Tanzeem Chowdhury, CEO of Omera Petroleum, and Monzur Morshed Siddiqui, managing director of Premier LP Gas, signed the deal. Azam J Chowdhury, director of Omera, and Thibault Lesueur, vice-president for South Asia of TotalEnergies' Marketing & Services division, along with senior officials of both companies were also present.

The acquisition is set to strengthen Omera's LPG operations by leveraging Premier LP Gas's existing infrastructure and its 1.6 million cylinders. 

Company officials said this move will diversify revenue streams and boost profitability in a market where Omera already holds a 22% share, while Totalgaz contributes approximately 5%.

The deal follows months of difficult negotiations, partly slowed by resistance from local shareholders who hold an 11% stake in Premier LP Gas. 

France-based Totalgaz, however, was determined to exit Bangladesh after suffering annual losses of Tk15-20 crore for several years.

Industry insiders say the consolidation will give Omera close to 27% market share in Bangladesh's LPG business, cementing its leadership in a sector facing rising costs and fierce competition.

Totalgaz entered Bangladesh in 2002 and rapidly became one of the top three LPG importers and marketers. However, it lost ground to local players that invested aggressively in a market fully dependent on imports.