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)

Leave a Reply

Your email address will not be published. Required fields are marked *

In northeast India, water-management practices to deal with climate change

In a small village on the north bank of the Brahmaputra in Assam in northeast India, farmer Horen Nath stood gazing at his partially submerged paddy field. The floods had kept their annual date but mercifully, the farmer said, the waters have started receding. "The weather has become very strange of late. We always had ample rain,


UAE, Saudi Arabia can help India meet any oil deficit, says UAE envoy

Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, United Arab Emirates Ambassador to India Ahmed Albanna has allayed fears of an oil shortage, saying hi...

Tweets about SAMonitor
SAM Facebook