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Bangladesh headed for importing diesel from Egypt

Nationalized Bangladesh Petroleum Corporation (BPC) will buy 60,000 tonnes of diesel from a dealer in Egypt for using up during January to June period of next year, a senior energy official said on Saturday.

World needs diesel

The official said that “The BPC will import the diesel from Egypt-based Middle East Oil Refineries (MIDOR) to diversify sources of fuel as the demand is rising sharply.?

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He said MIDOR had approved Bangladesh’s proposal to sell diesel at a premium of $3.90 per barrel, which is lower than the rates offered by Gulf refineries.

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In February 2008, the BPC imported some 30,000 tonnes of diesel from the Egyptian company when it agreed to double the shipment, the official said.

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The BPC, the country’s sole importer and distributor of oil and fuels, last week completed negotiations with the state-run Kuwait Petroleum Corporation (KPC) to buy more than 1 million tonnes of refined oil at a cost of $580 million.

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The KPC, a major source of refined products for the BPC, has lowered the premium rate for diesel to $3.90 per barrel from the previous $4.90.

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It imports between 3.4 million and 3.8 million tonnes of oil annually, including about 1.4 million tonnes of rudimentary oil at a cost of $2 billion to $3 billion.

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This entry was posted on Sunday, November 8th, 2009 at 6:53 pm and is filed under Bangladesh, Bangladesh, Investment, Bangladesh, oil & gas, Bangladesh, power, Bangladesh, transportation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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