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Oil prices down on doubts over OPEC deal

An oil pump jack pumps oil in a field near Calgary of Alberta on July 21, 2014. Oil prices tumbled in Asia Friday as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. Oil prices tumbled in Asia Friday as doubts emerged over the long-term […]

Prime Minister Sheikh Hasina has ruled out the possibility of reducing the diesel price now. “Whenever the loan taken by the BPC (Bangladesh Petroleum Corporation) will be repaid, then we’ll reduce the diesel price, if necessary,” the Prime Minister said while responding to a supplementary question from independent MP Haji M Selim during the PM’s […]

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Bangladesh along with Ivory Coast is the world’s third highest oil priced countryjust after Congo and Senegal among eighteen emerging countries, says a latest study. Among Asian countries, Sri-Lanka ranks 9th while Pakistan 13th in oil prices among the emerging countries, according to an analysis of Carmudi, a leading online marketplace. The lowest oil priced […]

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State-owned Petrobangla has signed a production sharing contract (PSC) with Santos-Kris Energy, an Australia-Singapore joint venture, for hydrocarbon exploration in the shallow sea Block-11 in the Bay of Bengal. Petrobangla’s subsidiary, Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX), will have 10 per cent carried interest in the gas block. The cost recovery will be […]

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Purchase panel to approve 15 lakh tonnes of petroleum products today The government is set to import 15 lakh tonnes of petroleum products in six months, which is 22 percent of the target for the current fiscal year. The proposal for procuring the products at a cost of Tk 10,436 crore is due to be […]

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Deal with KrisEnergy Asia Holdings said to be worth $42.35m Tullow Oil director Keith Mutimer and chief executive Aidan Heavey at Tullow’s FPSO facility. Exploration company Tullow Oil has agreed the sale of its Bangladesh operations to KrisEnergy Asia Holdings in a deal worth $42.35 million. The Irish and London listed oil explorer has a […]

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IOCs to receive corporate tax exemption, right to sell gas to 3rd party A move is underway to exempt the International Oil Companies (IOCs) from giving corporate tax in an effort to make the country’s deep sea block bidding more lucrative. Under the move, an option is also being introduced in the model production sharing […]

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Petrol pump owners and tank-lorry workers will call an indefinite strike from January 20 if their nine-point demand, including a hike in commission on sales of fuel, is not met by this time. Around 9,000 petrol pumps will remain close across the country if the owners go for the strike, said Nazmul Haq, convener of […]

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Costly diesel to hurt farmers

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CPD reveals half-yearly economic review, says fuel price hike to put pressure on common people, contribute to higher inflation experian credit score range The latest fuel price hike, especially that of diesel and kerosene, may put pressure on common people, affect Boro production and push up inflation that has been on a downward trend, Centre […]

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Highway blocked during Saturday’s hartal The protesters set fire to a tyre at Dhaka intersection on Dhaka-Dinajpur highway in Phulbari upazila of Dinajpur during a daylong hartal Saturday morning. National Committee for Oil, Gas, Mineral Resources, Port and Power Protection will enforce hartal in Phulbari upazila of Dinajpur on Sunday for a second consecutive day. […]

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Sets conditions for releasing second instalment of $1b credit The International Monetary Fund has asked the government to increase prices of petroleum products by Tk 10 per litre by next month as part of its condition to release $140 million, the second instalment of its $1 billion credit. The IMF early this month sent to […]

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The state-owned Bangladesh Power Development Board is racking up large losses by paying penalties for not purchasing electricity from some oil-fired power plants under an existing agreement, a top BPDB official told Platts Monday. Bangladesh has kept many of its oil-fired power plants shut under a cost-cutting measure since early March as the BPDB stopped […]

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