Energy Bangla

Bangladesh Petroleum Corporation (BPC) is unhappy over the stockpile of imported petroleum fuel as it has been paying demurrage charges for delay in unloading the fuel meant to be used by power plants. BPC finance director Abdur Rauf has already sent a letter to Bangladesh Power Development Board (BPDB) and sought over $39.40 lakh in compensation for the demurrage fees it had to pay for the delay in unloading imported... »

SINGAPORE: Oil prices fell in Asia on Monday as Iran and major western powers said they were closer than ever to a landmark nuclear deal that would lift sanctions and see Tehran’s crude exports return to global markets. A forecast by the International Energy Agency (IEA) for slower world oil demand next year and slumping Chinese trade data were also weighing on the market, analysts said, reports AFP. US benchmark... »

SINGAPORE, July 6, 2015 (BSS/AFP) – Oil fell in Asia today as investors digested the implications of Greece rejecting tough austerity demands from creditors which could send the debt-strapped nation crashing out of the eurozone, analysts said. Greek voters overwhelmingly rejected the bailout terms demanded by international creditors, with official figures from Sunday’s referendum showing 61.31 percent voting “No” and 38.69 percent voting “Yes”. “The result of the Greek referendum... »

In the latest weekly production data from the EIA, on the back of recent March revisions, the U.S. managed to post a 76,000 barrel per day increase in the lower 48. Production from Alaska fell by 61,000 barrels per day, putting overall U.S. output 15,000 barrels per day higher for the week ending June 12 compared to the previous week. This comes at a time when multimillion barrel draws have... »

As stated previously, asset monetization by small E&P operators will start in earnest in the second half of this year out of cash flow necessity. Most, if not all, smaller market capitalization companies, public or private, are still free cash flow negative (operating cash flow less capital expenditure) and only a few of the larger ones are now, or will be, based on guidance. The point is, with volumes languishing... »

The country’s state-owned enterprises (SoEs) managed to maintain 6 per cent growth in terms of gaining profit, thanks to a major leap in the earnings of the Bangladesh Petroleum Corporation (BPC) in the outgoing fiscal year (FY) 2014-15, officials and experts said. Officials concerned and experts, however, gave full credit of the growth to a significant fall in world prices of petroleum products. According to the statistics of the Bangladesh... »

Finance Minister Abul Maal Abdul Muhith has said the government will start adjusting domestic oil prices in keeping with the slump in international market. He made the statement at the post-budget press conference at Osmani Memorial Auditorium in Dhaka on Friday. To a question, the minister said: “We’ve not yet made any adjustment after oil prices declined in the international market. “Our (Bangladesh Petroleum Corporation) is buckling under huge loan... »

Finance Minister AMA Muhith on Wednesday said the government is not going to lower the fuel price anytime soon despite its fall in the international market. He said this while talking to reporters after a pre-budget discussion with the secretaries of different ministries. Muhith said the government is planning to make the best use of the opportunity to recoup the losses incurred by providing subsidies to the Bangladesh Petroleum Corporation... »

(Reuters) – OPEC countries are set to maintain current production levels at a meeting next month, three delegates said, as Gulf states continue to focus on market share and a rally in crude prices mutes calls from other members for supply cuts. While the June 5 meeting in Vienna is likely to hear demands from some members of the Organization of the Petroleum Exporting Countries for a reduction in the... »

Bangladesh Petroleum Corporation is making a whopping profit of Tk 13 to Tk 36 per litre on petroleum products on the back of the sliding global oil prices since June last year. The production cost of octane is Tk 56.85 per litre but the customers are buying it for Tk 99, giving the state-run corporation a profit of Tk 35.49 per litre. The profit margin is Tk 13.77 per litre... »