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BPC to build six oil storage tanks at Parbatipur
State-owned Bangladesh Petroleum Corporation (BPC) will build six oil storage tanks in Parbatipur to enhance the depot`s overall storage capacity more than three-folds to 56,636 tonnes in the northern region of the country. The BPC has already floated tender for the construction of six petroleum tanks having the storage capacity of 6,761 tonnes each. The successful bidder will be responsible for landscaping, construction and commissioning of the storage tanks, said a senior BPC official. The deadline for tender submission is November 6. Presently, Parbatipur oil depot in Dinajpur has a total storage capacity of 16,070 tonnes. Officials said Parbatipur has long been a hub of petroleum storage and it supplies the fuel to nearby areas in the northern districts. The new oil tanks will be used to store growing oil supplies as more fuel oil will be imported from neighbouring India. Sources said the Bharat Petroleum Corporation Ltd. (BPCL) of India has already offered to directly supply an increased volume of diesel to the Parbatipur oil depot. The BPCL intends to carry diesel to the Parbatipur depot through 50 wagons from Numaligarh refinery in Assam instead of 42 wagons at present. Some 2000 more tonnes of oil will be imported through the increased number of wagons. Presently, Bangladesh imports around 8,800 tonnes of diesel every month from BPCL-owned Numaligarh refinery through four consignments, with 2,200 tonnes each. Presently, the BPC`s overall oil storage capacity is around 1.20 million tonnes.
Govt set to import 1.4m mts refined fuel oil for six months
September 26, 2019 Thursday 11:32 AM By News Desk, energynewsbd.com
The government will import 1.4 million metric tonnes of refined petroleum oil for a six-month period (July-Dec) of the current year from seven state-owned companies of six countries through negotiations. The supplying companies are PTLCL of Malaysia, PTTT of Thailand, BSP Zapin of Indonesia, Enoc of United Arab Emirates (UAE), KPC of Kuwait and two companies from China - Petrochina and Unipec. According to official sources, state-owned Bangladesh Petroleum Corporation (BPC) has already completed the negotiations with the suppliers and the Cabinet Committee on Public Purchase (CCPP) also gave its nod to the procurement proposal on August 21 placed by the Energy and Mineral Resources Division. They said a similar quantity of petroleum products will be imported from international companies through an open tender process. The annual demand for the fuel oil in the country is about 6.5 million metric tonnes of which about 5.6 million tonnes is imported refined fuel, the sources said. They mentioned that the BPC follows such a policy as part of the government`s strategy to import half of petroleum products from state-owned companies through negotiations and remaining half from international market through open tender process to ensure a smooth supply of petroleum in the country. Official sources said the planned import of 1.4 million mts of petroleum will cost approximately $819.306 million (equivalent to Tk 69.23 billion). Of this, $784.857 million will be spent as value of the products while $34.449 million for premium which covers transportation and other charges. Of the proposed import, official documents show, diesel (gas oil) is 1.120 million mts (about 8.355 million barrel), jet A-1 is 145,000 mts (1.160 million barrel), petrol (mogas) 30,000 mts (258,000 barrel) and furnace oil 140,000 mts. The BPC set the premium price at $2.95 for each barrel of diesel while $3.95 for each barrel of jet A-1, $4.90 for petrol and $28.25 for each metric tonne of furnace oil while the price of petroleum will be fixed on average of five days price as per bill of landing date. As per the negotiation, the BPC will import 130,000 mts of diesel, 10,000 mts of jet A-1 and 40,000 mts of furnace oil from Malaysia`s state-owned PTLCL while Thailand`s PTTT will supply 60,000 mts of diesel and 20,000 mts of furnace oil. Indonesia`s BSP Zapin will supply 90,000 mts of diesel and 40,000 mts of furnace oil, 30,000 mts of petrol and 15,000 of jet A-1 while UAE`s ENOC will supply 90,000 mts of diesel and 20,000 mts of furnace oil. Kuwait`s KPC will provide 540,000 mts of diesel and 120,000 mts of jet A-1 fuel while China`s Petrochina 60,000 mts of diesel and 20,000 mts of furnace oil. Another Chinese state-owned company Unipec will supply 150,000 mts of diesel, said the sources at the BPC.
Category: Petroleum
Chinese firm building single mooring at Bay
July 29, 2019 Monday 10:40 AM By News Desk, energynewsbd.com
The newly-established China Petroleum Pipeline Engineering Co. Ltd (CPP) is currently building the country`s lone SPM system instead of the China Petroleum Pipeline Bureau (CPPB). The CPP was established in 2017 following the restructuring of its predecessor, CPPB, said a senior official of state-run Bangladesh Petroleum Corporation (BPC). He said the CPP is expected to complete the project titled, `Installation of single point mooring (SPM) with double pipeline` with Chinese concessional loan of around US$554 million by 2020. Of the total loan amount, China is set to provide $467.84 million as preferential buyers` credit and the remaining $82.5 million as soft loan. Exim Bank of China would provide the money to be repaid within 20 years at an annual interest rate of 2.0 per cent with five years` grace period. Once the SPM is built, the government is expected to save around Tk 10 billion a year by directly offloading imported petroleum products at its Chittagong refinery depot. Currently, BPC cannot offload imported fuel oil at its Chittagong refinery depot directly.
Category: Petroleum
Dhaka lines up deal to get Aramco investment
June 30, 2019 Sunday 9:26 PM By News Desk, energynewsbd.com
Bangladesh is set to sign a memorandum of understanding (MoU) with Saudi Arabian oil behemoth Aramco on a multi-billion dollar investment in the power and energy sector, officials said. Aramco, the national petroleum and gas company, is one of the largest companies in the world by revenue of $ 356 billion. According to Bloomberg, it is the most profitable company in the world. "We`ve sent the draft of the MoU to Aramco for their scrutiny and after getting their feedback, we will sign," a senior foreign ministry official, who is dealing with the process, said. He also said the deal has been prepared after taking inputs from the ministries concerned. Primarily, Aramco has expressed its interest to invest in three projects --a large oil refinery with a capacity of between 10-20 million tonnes, a 500-megawatt power plant and liquefied natural gas (LNG) terminal. In 2011, officials of the energy ministry told reporters about Aramco`s plan to build a refinery having the capacity of 1.8 million tonnes.  
Category: Petroleum
Aramco interested to invest in Bangladesh’s energy sector
January 22, 2019 Tuesday 8:05 AM By BSS
Saudi Arabian national petroleum and natural gas-based Oil Company Aramco has shown its interest to invest in the energy sector in Bangladesh. Aramco Managing Director Waleed K Ghemlas on Monday expressed the interest at a meeting with State Minister for Power, Energy and Mineral Resources Nasrul Hamid at the latter’s office in the secretariat in the city, said an official release. Ghemlas said his company is primarily interested to set up oil refinery in Bangladesh. Nasrul said future of petrochemical industry in Bangladesh is very bright. Saudi Arabia has a great opportunity to invest in the energy sector in Bangladesh, he added. The state minister urged the Saudi oil company to conduct feasibility study on the market and the Bangladesh Petroleum Corporation (BPC) to assist in this regard. Energy and Mineral Resources Division Secretary Abu Hena Md Rahmatul Munim and Aramco India Office President Mohammed Mughirah were present, among others, in the meeting.
Category: Petroleum
BPC seeks 1000 acres land in Cox’s Bazar for refinery, LPG plants
January 14, 2019 Monday 11:17 AM By News Desk, energynewsbd.com
State-owned Bangladesh Petroleum Corporation (BPC) seeks about 1000 acres of land at Moheskhali in Cox’s Bazar for setting up a refinery and a large scale plant for Liquefied Petroleum Gas (LPG). “The Energy and Mineral Resources Division (EMRD) has recently sent a proposal to the Prime Minister Office (PMO) for getting the land,” said officials in the ministry.  The BPC earlier sent the proposal to the EMRD for clearance from the PMO. At present, the Cox’s Bazar Deputy Commissioner’s office is conducting a feasibility study for Moheskhali-Matarbari Integrated Infrastructure Development Initiative with the support of JICA.  As per the initiative, two separate power hubs will be developed at Moheskhali and Matarbari. The government has already signed deals to construct 10 power plants having a combined capacity of about 12,000MW of electricity between 2025 and 2038 at Moheskhali. Besides, seven more power plants having combined capacity to generate around 6200MW will be set up between 2024 and 2033 at Matarbari. The country’s alone refinery has a capacity to process only 14 lakh metric tons of crude oil per annum against the demand of 56 lakh tons of petroleum fuel. The government is now contemplating for setting up a second refinery having a capacity to refine an additional 30 lakh tons of crude fuel. According to BPC proposal, the new refinery will be installed near the location of single point mooring with double pipeline project. The installation of single point mooring with double pipeline project will help unload petroleum refine and crude fuel within two days instead of 10 days from the offshore.
Category: Petroleum
Unipec, Vitol poised to win tender to supply fuels to Bangladesh
October 27, 2018 Saturday 9:42 AM By Reuters
Bangladesh Petroleum Corporation (BPC) has received offers from a mix of traders and state oil companies in its tender for over 1.4 million tonnes of oil products for the first half of 2019, with Unipec and Vitol giving the best quotations. “Unipec is supposed to win the tender for both gasoil and jet fuel as they came up with the lowest offers. And Vitol is likely to secure the tender for fuel oil and gasoline as their offers are (the) lowest,” said a senior official of BPC. The deals with Unipec and Vitol will be finalised within a short time after verifying all other details, the official said. China’s Unipec - trading arm of Chinese state major Sinopec - gave the lowest offer for gasoil and jet fuel at premiums to Middle East quotes of slightly below $2.90 and $3.70 a barrel respectively, according to the official. The Asian unit of trading house Vitol submitted gasoil and jet fuel offers that were slightly higher. Vitol Asia gave the lowest offers, however, at premiums to Middle East quotes for gasoline slightly under $4.25 a barrel and fuel oil at about $22.30 a tonne, the BPC official said. Other sellers who participated in BPC’s import tender include PetroChina, Sinochem, Emirates National Oil Company (ENOC), Trafigura, PTT and Gunvor. Bangladesh typically imports about 3.2 million tonnes of diesel and 2.5 million tonnes of fuel oil annually, making it one of the top 10 importers for those fuels in Asia.
Category: Petroleum
Bangladesh tenders for 1.425m tonnes of oil products
October 17, 2018 Wednesday 12:16 PM By Reuters
Bangladesh Petroleum Corporation (BPC) issued an international tender on Tuesday to import up to 1.425 million tonnes of refined oil products in the first half of 2019, according to a tender document from the company. The state-owned company is seeking 1.06 million tonnes to 1.18 million tonnes of gasoil with a sulphur content of 500 parts per million, 80,000 to 120,000 tonnes of 180-centistoke high-sulphur fuel oil, 110,000 tonnes of jet fuel and 15,000 tonnes of 95-octane gasoline. The tender closes on October 25 and is valid up to February 25, 2019. Delivery will be carried out in phases over the first half of 2019, a senior BPC official said. Some volumes will also be imported through separate term deals, he told Reuters, without giving details. BPC resumed issuing tenders for long-term contracts in February 2016 after a 15-year hiatus, during which it negotiated directly with suppliers of fuel products. The company wants to move away from direct deals and instead buy at cheaper rates through international tenders. A shortfall in supplies of natural gas has forced the South Asian country to burn oil, a costlier option, to generate electricity. Bangladesh typically imports about 3.2 million tonnes of diesel and 2.5 million tonnes of fuel oil annually, making it one of the top 10 such importers in the region. Currently, BPC has term contracts with eight companies for refined oil product imports. Suppliers for Bangladesh’s middle distillates contracts include Kuwait Petroleum Corp, Malaysia’s Petroliam Nasional Bhd, Emirates National Oil Co, Philippines National Oil Co, Indonesia’s Bumi Siak Pusako and PetroChina. Bangladesh has also signed a 15-year deal with India’s Numaligarh refinery to supply diesel, its first long-term contract with any Indian supplier. BPC also buys 700,000 tonnes of Murban crude from Abu Dhabi National Oil Co annually and another 700,000 tonnes of Arab Light from Saudi Aramco for its only refinery. Bangladesh started operations at the country’s first liquefied natural gas (LNG) terminal in August, to offset falling domestic gas production.
Category: Petroleum
Hasina, Modi inaugurate construction of 130km cross-border oil pipeline
September 18, 2018 Tuesday 10:56 PM By News Desk, energynewsbd.com
Prime Minister Sheikh Hasina and Indian Prime Minister Narendra Modi were jointly inaugurating the construction of 130-km Bangladesh-India Friendship Pipeline between Siliguri in West Bengal and Parbatipur in Dinajpur on Tuesday. They opened the work on the oil pipeline through videoconferencing. Sheikh Hasina attended the videoconference from her official residence Ganobhaban while Narendra Modi from his office in New Delhi, according to a report of UNB. About the pipeline, the Prime Minister said the 130-km India-Bangladesh Friendship Pipeline from Shiliguri to Parbatipur in Bangladesh is a new milestone in the history of cooperation between the two countries. “This will be the first such pipeline through which refined diesel will be supplied to Parbatipur depot from Numaligarh of Assam in India,” she said. The Prime Minister mentioned that Bangladesh will initially receive 2.5 lakh tonnes of diesel per annum and it will gradually be increased to 4 lakh tonnes. She also said the first consignment of diesel from India reached Bangladesh in March 2016 through rail wagons. Hasina expressed her gratitude to her Indian counterpart for his active role in implementing these projects. Referring to her inauguration together with Modi of the supply of 500MW electricity and two railway projects on September 10 and today’s joint projects, the Prime Minister said, “This intermittent contact between us, I believe, will further cement the ties of cooperation between Bangladesh and India.” Indian Prime Minister Narendra Modi said the two countries implemented a number of projects within a short time which are the symbols of good relations between the two countries. Modi said these projects have initiated a new chapter in the bilateral relations between Bangladesh and India. “It’ll play a significant role in Bangladesh`s development as fuel oil could be supplied to the northern region at a low cost,” he said. Currently, imported oil is stored in Chattogram depot after unloading it from the ship at Chattogram Port. Later, the oil is brought to Khulna Doulatpur depot through coastal tanks and carried to Parbatipur again through rail wagons. This requires additional time and money as well as transport. The pipeline will solve these problems. Through the cross-border pipeline, India will supply fuel oil from its Numaligarh Refinery Ltd (NRL), located at Golaghat in the northeastern state of Assam, while Bangladesh will receive the oil at Parbatipur depot of Bangladesh Petroleum Corporation (BPC) in Dinajpur. India will supply 2.5 lakh tonnes of diesel in the first three years. The import of fuel through the pipeline will be raised further as per the requirements of Bangladesh. The NRL will distribute diesel for 15 years through the pipeline and the time could be expanded following the consent of both sides. Bangladesh’s Foreign Minister AH Mahmood Ali, Indian External Affairs Minister Sushama Swaraj and Indian Petroleum and Natural Gas Minister Dharmendra Prodhan also spoke on the occasion.  
Category: Petroleum
Sheikh Hasina, Modi to open Bangladesh-India oil pipeline Tuesday
September 17, 2018 Monday 11:13 PM By News Desk, energynewsbd.com
Prime Minister Sheikh Hasina and her Indian counterpart Narendra Modi will jointly inaugurate construction work of Bangladesh-India Friendship Pipeline between Shiliguri in West Bengal of India and Parbatipur in Dinajpur of Bangladesh on Tuesday. The two premiers will open the construction work of the oil pipeline through a videoconference from their respective capitals at 5 pm on Tuesday, Bangladesh Petroleum Corporation (BPC) Chairman Md Akram-Al-Hossain said. He also said this pipeline will play an effective role in strengthening further the energy security of Bangladesh. The officials said currently imported oil is stored in Chattogram depot after unloading it from the ship of at Chattogram Port. Later the oil is brought to Khulna Doulatpur Depot through coastal tanks and it was carried to Parbatipur again through rail wagons. In this process, additional time and money is required alongside creation of transport-related problems. But with the launching of the pipeline, these problems will be solved. Bangladesh and India signed an MoU here on April 9 last to set up the 130-km oil pipeline aimed at pumping Indian oil to Bangladesh with a capacity of 1 million tonnes per annum. Earlier, Bangladesh inked a sale and purchase agreement with India on importing diesel through the pipeline on Oct 22 in 2017. Through the cross-border pipeline, India will supply fuel oil from its Numaligarh Refinery Ltd (NRL), located at Golaghat in the north-eastern state of Assam, while Bangladesh will receive the oil at Parbatipur Depot of Bangladesh Petroleum Corporation (BPC) in north-western district of Dinajpur, the BPC sources said. India will supply 2.5 lakh metric tons of diesel for the first three years and the amount will be increased to 4 lakh MY in the last five years. The import of fuel will be further raised in future through the pipeline as per the requirements of Bangladesh. The NRL will distribute diesel for 15 years through the pipeline and the time could be expanded following the consent of both sides, the BPC sources said. With the completion of construction work of the pipeline, they said, the deal on sale and purchase will be made effective. The Parbatipur Depot formally received the first consignment of 2,268 MT diesel from the NRL through rail wagons on March 19, 2016. Through the rail wagons, Bangladesh has imported 57,000 MT diesel from India till July 2018 and it is expected that 50,000 MT more will be brought from India in August-December 2018 through the same way.  
Category: Petroleum
BPC makes Tk26cr profit in 4 years
July 2, 2018 Monday 6:15 PM By Staff Correspondent, energynewsbd.com
State-owned Bangladesh Petroleum Corporation (BPC) made profit of around Tk26,000 crore by selling fuel oil at home, at a higher price than that of the international market in the last four fiscal years. Analysing the 2018-19 fiscal year budget summary of state-owned institution and Bangladesh Economic Review 2018, it is known that BPC has earned Tk25,816 crore from 2014-15 FY to April of 2017-18 FY. BPC has started to earn profit when international market price of petroleum oil started to be downward in 2015, which lasted for two years. BPC has made successive profit without lowering price down in that time. Last year, international market price soared up exceeding domestic market price in the mid November-December. Now, BPC costs loss in selling of diesel, kerosene, furnace oil, resulting of a possible proposal to the Energy and Mineral Resources Division to hike the fuel price. But they are making profit selling octane, petrol, and jet fuel, said a BPC official. Meanwhile, BPC has deposited only Tk2,950 crore to the government exchequer even though they have made about Tk26,000 crore profit. In the first year, they did not provide any share of dividend to the government exchequer. However, they deposited Tk1,000 crore in the 2015-16 fiscal year after exchanging letters between BPC and the Ministry of Finance, though Tk5,000 crore were demanded from BPC.  Citing reasons of reduction of the profit earning, BPC provided only Tk750 crore dividend although it was ordered to deposit Tk2,500 crore in the FY 2017-18. However, BPC did not repay their loans to the government.
Category: Petroleum
Bangladesh urges French help for energy sector
April 10, 2018 Tuesday 10:24 AM By News Desk, energynewsbd.com
State Minister for Power, Energy and Mineral Resources Nasrul Hamid has sought French cooperation in enhancing the capacity of the energy sector officials, especially in the operation of state-owned refinery being set up in Chattogram. He made the call when French Ambassador in Bangladesh Marie Annick Bourdin met him at his Energy Ministry office on April 8, said a press release. Currently, Techinp, a French company, remained engaged in setting up the second unit of state-owned Eastern Refinery in Chattogram. Besides, French firm Lafarge and other companies have investment in different sectors, including cement and clean energy. Welcoming the French ambassador, Nasrul Hamid said France has been one of the leading development partners of Bangladesh. He said both the nations will be benefited if they work together for different development projects. Both the state minister and the ambassador discussed various issues, including progress on different other projects involving bilateral interests of the two countries. The state minister said both Bangladesh and France have to continue efforts to further strengthen cooperation between the two countries.
Category: Petroleum
China to give $554m for Single Point Mooring project
October 30, 2017 Monday 1:30 PM By News Desk, energynewsbd.com
State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Sunday said coordinated initiatives would ensure energy security in the country. "We have given emphasis on easy availability of crude oil by using multi- lingual LNG, LPG or coal," he said while speaking as the chief guest at the Framework Agreement ceremony at NEC-2 conference room at Sher-E-Banglanagar in Dhaka. Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and Chinese Ambassador to Bangladesh Ma Mingqiang signed the deal for financing the "Installation of Single Point Mooring (SPM) with Double Pipeline." The state minister said it is necessary to adopt infrastructural master plan or economic development master plan for the country. Seeking more Chinese assistance for implementation of various projects undertaken by the DPDC or PGCB, Nasrul said the Dhaka city would be brought under uninterrupted power supply by implementing the DPDC`s projects. He said the opportunity has been created for investment of $ 25 billion in electricity and energy sector in Bangladesh. The state minister also sought Chinese support for developing a disaster infrastructure rescue team, adding, "The amount of foreign aid in the SPM project is $ 554.40 million, out of which the flexible loan amount is US $ 82.56 million and the amount of Preferential Buyer`s Credit (PBC) is $ 467.84 million." Among others, BPC chairman Abu Hena Mohammad Rahmatul Munim was also present.
Category: Petroleum
15-yr deal likely with India to import diesel thru’ pipeline
September 13, 2017 Wednesday 1:59 PM By UNB
A move is underway to sign a 15-year deal with India to annually import 250,000 tonnes to 400,000 tonnes of diesel from the neighbouring country through a cross-border pipeline. After a long discussion between Dhaka and New Delhi, the Bangladesh government has finally decided to sign the contract with India to import petroleum, according to official sources. They said the Cabinet Economic Affairs Committee approved a proposal in principle in this regard on August 23. The whole consignment of petroleum will come through a cross-border pipeline from India`s Numaligarh refinery, located in Gloaghat in north-eastern Indian state of Assam, while Bangladesh will receive it at Parbatipur petroleum fuel depot in north-western district of Dinajpur. To facilitate the import, both the neighbours have to build a 130-km cross-border pipeline, named as `Indo-Bangla Friendship Pipeline`, of which a 125-km one is to be laid in Bangladesh while only 5-km in India. Official sources said though most part of the proposed pipeline is to be laid in Bangladesh part, Indian government will provide about Rs 303 crore as a grant to build the pipeline project in Bangladesh portion. However, Bangladesh will build and operate the pipeline in its part while India will build and operate the pipeline in its portion. While promising the grant for the pipeline, the officials said New Delhi tagged a pre-condition that Dhaka has to first sign a `Sales & Purchase Agreement (SPA) to receive the grant. In compliance with the New Delhi`s condition, the Cabinet Economic Affairs Committee, the highest policymaking body in making economic decision, especially any big purchase without tender, approved a proposal of the Energy Division to sign the SPA. Bangladesh Petroleum Corporation (BPC) officials said once they received the copy of the cabinet body`s approval, they will move to sign the SPA. "We hope, the SPA will be signed within a month or two and then the initiative for the construction of pipeline will be taken. It`ll take at least two years to complete the construction," a top official of the BPC told UNB requesting anonymity as he is not authorised to speak on the issue. An official document obtained by UNB revealed that in the SPA, the `premium` or transportation cost of the petroleum was fixed at $5.5 per barrel of diesel and the price of petroleum will be fixed on the basis of price on the international oil market. Bangladesh now imports diesel with a premium of $4.4 per barrel. The documents also reveal that Bangladesh will annually import 250,000 metric tonnes in the first three years, 300,000 mt annually in the 4th to 6th years, 350,000 mt annually in the 7th to 10th years and 400,000 mt annually from the 11th to 15th years.
Category: Petroleum
No fuel price cut for now
May 8, 2017 Monday 2:45 PM By News Desk, energynewsbd.com
State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Sunday said the government has no plan to reduce oil prices for now as Bangladesh Petroleum Corporation (BPC) may face a loss in the next fiscal year if international market prices continued to rise. Reading out scripted answers following lawmakers` queries in parliament, he said the taka to dollar exchange rate was also increasing regularly. Global market prices have been rising for the last one year, he said, adding that the lowest price was seen in January 2016 when the average cost per barrel was US$ 33.85, rising to US$ 66.03 in April 2017. He said BPC still owed the government Tk 27,419.81 crore in loans as it incurred losses earlier selling fuel at subsidised rates. The government slashed prices twice, on April 1 and 25, last year following a slump in the international market, he noted.
Category: Petroleum
Deal signed for setting up of a 3,000 barrel per day capacity Catalytic Reforming Unit
February 15, 2017 Wednesday 3:49 PM By News Desk, energynewsbd.com
State-owned Sylhet Gas Field Limited (SGFL) and a consortium of Indonesia-based PT ISTANA KARANG LAUT and local company Energypac Power Generation Limited have recently signed an agreement for setting up of a 3,000 barrel per day capacity Catalytic Reforming Unit (CRU) at Rashidpur in the district of Habiganj. Operations Director of PT ISTANA KARANG LAUT Phillippe Supper and Company Secretary of SGFL Md Showkat Alam Quadri signed the deal on behalf of the respective parties at a program in Dhaka, said a press release. The plant facilities schedule for completion in two years’ time would convert petrol into octane. The country will attain self-sufficient in the fulfillment of octane demand on completion of the project. The total project cost is about Tk 500 crore and being financed by SGFL’s own source. Another 4,000 barrel/day capacity condensate fractionation plant is being built in Rashidpur, which will be fed by the Chevron-run Bibiyana gas field. Petrol to be produced by the existing 3750 barrel/day and later on 4,000 barrel/day condensate fractionation plant will be fed to the catalytic reforming unit for converting the petrol into octane. Once completed, it will produce about 2,710 barrel of octane (octane no 95+) and 25 tonne of liquefied petroleum gas (LPG) daily from condensate.
Category: Petroleum
Govt going to reduce fuel price again
February 5, 2017 Sunday 12:20 PM By Staff Correspondent, energynewsbd.com
The government is going to adjust the prices of four different petroleum fuels to reflect the downscaling in global oil price. The price of petrol and octane will be reduced by 5 per cent and 8 per cent for kerosene and diesel per litre. A proposal will be send to Ministry of Power, Energy and Mineral Resources from the Ministry of Finance within this week. After reviewing, the proposal will send for the nod of Prime Minister, said an official of Ministry of Finance. The new prices of petrol will be Tk 81.70, octane Tk 84.55, kerosene and diesel Tk 60. Jet fuel and furnace oil price will be out of this reduction. If the proposal of Ministry of Finance got final approval especially if the price of diesel and kerosene reduced then the poor, middle class and villagers will be more benefited. The subsidiary in electricity production will be reduced if diesel price reduced. Farmers and electric pump users will be specially benefited.  Ministry of Finance already made a synopsis about the fuel price reduction where the new proposed petrol price will be Tk 81.70 instead of present selling price Tk 86.00 reducing by Tk 4.30. Octane will be Tk 84.55 instead of present price Tk 89.00 reducing by Tk 4.45. The present price of both kerosene and diesel is Tk 65.00 and new prices will be Tk 60 reducing by Tk 5.00. Despite the proposed reduction of four different petroleum fuel prices, Bangladesh Petroleum Corporation (BPC) will be profit trend. BPC will earn Tk 116 crore, Tk 125 crore, Tk 335 crore and Tk 1,279.34 crore yearly from selling petrol, octane, kerosene and diesel respectively total amounting 1,854.72 crore from the above four petroleum fuels. The synopsis was made after analyzing the International oil market trend. According to recent report of Bloomberg, the oil price will be stable in 2017despite the downscaling in global oil price in last 3 years. Fuel price specially Brent Crude Oil will be $ 58 per barrel. Gulf Research Center assumes the price will be around $ 60 per barrel through the current year. According to The World Bank oil price will be $ 55.2 per barrel. Assuming the price at $ 60 per barrel, BPC will make Tk 3.22 profit from the sale of per litre diesel after reducing present price by 8 per cent and Tk 10.56 from kerosene.    
Category: Petroleum
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