Energy Bangla

Energy electricity and environment news portal

Dhaka Sunday,  Dec 16, 2018

Petroleum

China launched yuan-denominated oil futures contracts on Monday, marking the first time foreign investors will have access to Chinese commodity futures as the world’s top crude importer seeks greater influence over global prices. But analysts said the long-delayed Shanghai-traded futures are unlikely to challenge the primacy of New York and London-based futures any time soon due to Chinese capital controls and the entrenched position of the dollar- denominated contracts. Futures... »
The global oil price hike has spiked Bangladesh’s remittance inflow despite concerns that it may hit the economy. In 28 days of February, the country received around $1.15 billion sent by expatriate Bangladeshis, a 22.14 percent year-on-year growth, according to data released by the Bangladesh Bank on Thursday. In the first eight months of the current fiscal year (July-February), the non-resident Bangladeshis or NRBs remitted around $9.5 billion with a... »
The three-and-a-half-year-long record high oil price in the international market and the increasing dollar price are causing a huge loss to the government. The two factors are also putting foreign reserves under pressure, as the government has to foot higher import bills. Sources in the Bangladesh Petroleum Corporation (BPC) said that they earned good profits from fuel sales for several years. But non-adjustment of oil prices with that in the... »
Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. Brent crude, the international benchmark,... »
A total of 15 lac and 56 thousand metric tons of diesel will be needed for the irrigation season that would last from November this year to May of 2018. Bangladesh Petroleum Corporation (BPC) has been directed to ensure this huge amount of fuel oil supply. Besides, a monitoring team of BPC will work to prevent anybody from collecting excess oil for irrigation. The directives and declarations came out at... »
“We will not let go of our current approach until we reach a balanced market,” Saudi oil minister Khalid al-Falih said Monday at a news conference in Riyadh. OPEC ended months of speculation last week when it decided to extend its production cuts through the end of 2018, easing concerns that the limits would be lifted before the oil market was ready. But while it put some uncertainty to rest,... »
A framework agreement was signed between China and Bangladesh on Sunday under which China will provide $ 550.40 million to Bangladesh to implement ‘Installation of Single Point Mooring (SPM) with Double Pipe Line’ project in a bid to ensure energy security of the country. Of the total amount of $ 550.40 million, China will provide around $82.56 million under the Chinese government’s concessional loan while the rest of $ 467.84... »
The government has decided to purchase a total of five million tons diesel from India for 15 years at the cost of Tk188.84 crore. This proposal by the Ministry of Energy and Mineral Resources was approved during the Cabinet Committee meeting on Public Purchase on Wednesday, chaired by Commerce Minister Tofail Ahmed. The diesel will be sent from India’s Siliguri Marketing Terminal of Numaligarh Refinery Limited in Parbatipur Depot through... »
The government has finalized the plan of importing diesel from India through pipeline. Using this pipeline Bangladesh will be importing diesel for next 15 years and the final deal regarding this import is expected to be signed within short time. Department of Energy and Mineral Resources and Bangladesh Petroleum Corporation (BPC) sources has informed that, Bangladesh is likely to import 2.5 lac metric tons to 4 lac metric tons of... »
Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry. WTI dipped below $44 per barrel on Tuesday, and the bearish indicators are starting to pile up. Libya’s production... »