Bangladesh

Bangladesh Petroleum to Import $125 Million of Furnace Oil

Oct 7, 2011

Bangladesh Petroleum Corp. will pay $125 million to import furnace oil from Singapore and Maldives to help meet local demand for power generation.

The company will buy 120,000 metric tons of fuel oil by December from the Singapore unit of The Vietnam National Petroleum Corp. and 60,000 tons from Maldives National Oil Co., Md. Muqtadir Ali, chairman of the state-run oil importer and distributor, said today in an interview from the capital, Dhaka.

Furnace oil, a residual material obtained during refining of crude oil, is used to generate heat and electricity. Bangladesh’s energy ministry expects demand of 852,000 tons of furnace oil during the six months ending Dec. 31, as the country diversifies its fuel usage for electricity generation.

The nation plans to spend $10 billion, or 11 percent of its gross domestic product, over a decade to increase generating capacity and attract investment from overseas. The south Asian nation’s cabinet committee on public purchase is expected to approve the proposals at its meeting on Sunday, Ali said.

(News Week)

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