Global off-grid energy distributor SHV Energy has completed the acquisition of local bottler and marketer Petromax LPG, joining Bangladesh's growing market for liquefied petroleum gas (LPG).

The two sides signed an agreement on June 23 to this effect and the acquisition was completed on August 22, said HSBC Bangladesh, which facilitated the acquisition process.

SHV Energy is a family-owned Dutch multinational company and is located in 25 countries across four continents and aims to make clean and safe energy options accessible and affordable to as many customers and companies as possible.

In a press release, the multinational bank said SHV believes in the untapped high-growth potential of the liquefied petroleum gas (LPG) market as the country is slowly transitioning to cleaner fuels like LPG from the current scenario of widely used polluting fuels.

Petromax is a relatively new yet already one of the key players in the growing LPG market.

Regarding the acquisition, HSBC Bangladesh Chief Executive Office Md Mahbub ur Rahman said, "We are delighted to close the acquisition, strengthening the deeply rooted relationship with our group customer and thrilled to witness a large international player like SHV Energy acquiring domestic operations."

"This agreement is a significant indicator of the growing inbound foreign investments in Bangladesh. It is also a reflection of the strong economic foothold that Bangladesh is gaining in the global energy arena."

SHV Energy is yet another foreign firm that entered the LPG market.

Currently, a number of companies such as Total Gas, Omera, Aygaz LPG and LAUGFS Gas have foreign investments.

Bangladesh has more than 25 LPG operators and the country's annual consumption is nearly 14 lakh tonnes currently.

The amount of LPG consumption was nearly 3 lakh tonnes in the fiscal year 2015-16, according to industry insiders.