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Bangladesh Petroleum Corporation

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Bangladesh Petroleum Corporation
বাংলাদেশ পেট্রোলিয়াম কর্পোরেশন
NicknameBPC
Formation1976
HeadquartersChittagong, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitebpc.gov.bd

Bangladesh Petroleum Corporation (Bengali: বাংলাদেশ পেট্রোলিয়াম কর্পোরেশন) (BPC) is a government agency in Bangladesh to import, distribute and market oil and petroleum products.[1] Amin-Ul-Ahsan is the chairperson of Bangladesh Petroleum Corporation.[2]

History

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Founded in 1976 by Presidential Ordinance to import and distribute crude oil, fuel, lubricating oil, and petroleum products in Bangladesh.[1] It is managed by the Ministry of Power, Energy and Mineral Resources.[2]

Bangladesh Petroleum Corporation had an annual import level of as much as 29 million barrels as of 2009.[3]

The 2017 Economic Survey found Bangladesh Petroleum Corporation to be the most profitable state-owned enterprises.[4] It made more than 90 billion taka in the 2015-16 fiscal year.[4] Bangladesh Petroleum Corporation decided not to sell oil to Biman Bangladesh, the state owned airlines, on credit for because the airlines outstanding due had crossed 16 billion taka in December 2017.[5]

Bangladesh is setting sail on a transformative path to directly offload imported petroleum oil from deep-sea vessels. The objective of this ambitious undertaking is to elevate the country's energy management system, fostering economic efficiency, sustainability, and environmental consciousness. As a crucial part of this initiative, an impressive 120-kilometer pipeline has been established, linking the SPM (Single Point Mooring) project to the Eastern Refinery Limited (EFL), ensuring the efficient treatment of crude oil.[6]

On 20 February 2018, Bangladesh Petroleum Corporation sought permission from the government to set the oil prices using a new formula that will automatically adjust the prices with the price on the international market.[7] The company feared the low price on domestic market might lead to losses for the company and encourage the smuggling of oil in the border areas with India.[7][8]

In 2020, the Government of Bangladesh changed the law to require state owned enterprises to deposit surplus or idle funds to the national treasury.[9] Bangladesh Petroleum Corporation deposited 50 billion taka to the national treasury.[9] Bangladesh Petroleum Corporation decided to use private oil tanks to store oil as its own tanks were near full capacity in 2020.[10] This was the result of a 60 percent decline in sales following the lockdown during the COVID-19 pandemic in Bangladesh.[10]

Companies

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References

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  1. ^ a b c d e f g h i j Rahman, Mushfiqur (2012). "Bangladesh Petroleum Corporation". In Islam, Sirajul; Jamal, Ahmed A. (eds.). Banglapedia: National Encyclopedia of Bangladesh (Second ed.). Asiatic Society of Bangladesh.
  2. ^ a b "Introduction of BPC". bpc.gov.bd. Archived from the original on 19 January 2019. Retrieved 8 June 2021.
  3. ^ "Bangladesh to lay submarine pipeline for unloading oil". Reuters. Archived from the original on 16 October 2009. Retrieved 8 October 2009.
  4. ^ a b "Petroleum Corporation most profitable". The Daily Star. 17 June 2017. Retrieved 9 June 2021.
  5. ^ "BPC won't sell fuel to Biman on credit". The Daily Star. 31 December 2017. Retrieved 9 June 2021.
  6. ^ Messenger, The Daily. "SPM project heralds new era of sustainable fuel management in Bangladesh". The Daily Messenger. Retrieved 24 July 2023.
  7. ^ a b "BPC for new oil pricing formula". The Daily Star. 20 February 2018. Retrieved 9 June 2021.
  8. ^ "What about our "loss"?". The Daily Star. 20 February 2018. Retrieved 9 June 2021.
  9. ^ a b "State enterprises hand govt Tk 16,746cr of their surplus funds". The Daily Star. 11 September 2020. Retrieved 9 June 2021.
  10. ^ a b "BPC plans to rent private tanks". The Daily Star. 27 April 2020. Retrieved 9 June 2021.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Bangladesh_Petroleum_Corporation
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