Ambassador :H.E.Mr.Munshi Faiz Ahmad,
Full name: People's Republic of Bangladesh
Population: 164.4 million (UN, 2010)
Capital and largest city: Dhaka
Area: 143,998 sq km (55,598 sq miles)
Major language: Bengali
Major religions: Islam, Hinduism
Life expectancy: 69 years (men), 70 years (women) (UN)
Monetary unit: 1 taka = 100 paisa
Main exports: Garments, fish, jute goods, leather products
GNI per capita: US $700 (World Bank, 2010)
Internet domain: .bd
International dialling code: +880

Bangladesh fuel oil imports seen up 38 pct on yr 2012-08-17

 

 

Bangladesh fuel oil imports seen up 38 pct on yr

 

Bangladesh is likely to import as much as 600,000 tonnes of fuel oil in the second half of this year as it shifts focus to oil-fired power generation to fight electricity shortages, an official of the Bangladesh Petroleum Corporation said on Monday.

BPC, the country's sole oil importer and distributor, imported around 316,000 tonnes of fuel oil in the first half of 2012 and in 2011 imported a total of 665,000 tonnes.

"Fuel oil imports will go up during second half as the government now wants amount power plants to run at full capacity," said, the official who asked not to be identified as he was not authorised to talk to the media.

A shortfall of natural gas supplies forced the country to turn to costly oil-fired power plants. However, early this year the government slowed imports of fuel oil to trim its subsidy bill and boost foreign exchange reserves.

Until September, BPC will import 180-centistoke (cst) fuel oil at a premium of $40.80 per tonne to Singapore spot quotes -- the premium set for the first half.

Negotiations would start in September to fix the premium for fuel oil for the rest of the year, the official said.

Bangladesh buys fuel oil from a number of national oil companies including Malaysia's Petronas, Philippines National Oil Company (PNOC), Emirates National Oil Company (ENOC), Egypt's Middle East Oil Refinery, Vietnam's Petrolimex, Maldives National Oil Company.