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Tag: oil
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Bangladesh to buy 1.4 million tonnes of fuel oil from 7 countries in first half of 2025
Bangladesh will import about 1.43 million tonnes of fuel oil from seven countries – India, China, Indonesia, Malaysia, Thailand, United Arab Emirates (UAE) and Oman – between January and June 2025, costing about US$9.6 million or approx. 114.79 billion taka. The Advisory Council Committee on Government Procurement (ACCGP) approved a resolution on the matter in…
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OPEC+ extends oil cuts until third quarter, discusses 2025, say sources
Countries that have made voluntary cuts that exceed those agreed with the broader group are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates. The group will have a series of online and in-person meetings on Sunday, starting with an OPEC ministers-only meeting at around 0930 GMT. OPEC+ sources said several…
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Bangladesh announces Offshore Bidding-2024 to accelerate oil and gas exploration
To make the 'Offshore Model PSC, 2019' updated and competitive in the global context, 'Bangladesh Offshore Model PSC, 2023' was prepared based on the opinion of international consultants and Petrobangla's own review, which was approved by the Cabinet Committee on Economic I went. Matters on July 26, 2023. The new PSC includes several points aimed…
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Saudi Aramco reports 24.7% decline in profits in 2023 due to low oil prices and production cuts
Saudi Aramco on Sunday reported a 24.7 percent drop in profit in 2023 compared with the previous year, a result of lower oil prices and production cuts. Net income is expected to reach 454.7 billion Saudi riyals ($121.25 billion) in 2023, compared with 604.01 billion Saudi riyals ($161.07 billion) in 2022, the oil giant said…
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Oil and gas exploration in Bay of Bengal: International tender issued after 8 years
Bangladesh is finally going to issue a fresh international tender next week for oil and gas exploration in the Bay of Bengal. Many international companies have already shown interest in bidding. Petrobangla, the government-owned agency involved in natural gas, oil, coal and mineral resources, has invited 55 companies in the tender process. Sources in the…
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Automated fuel pricing: Octane, petrol prices to fall further
The proposal on the revised fuel price has been sent to the Prime Minister's Office as Prime Minister Sheikh Hasina is the Minister of Power, Energy and Mineral Resources. As soon as the proposal is approved, a gazette will be issued on the revised price. BPC always makes profits from petrol and octane prices. Seventy-five…
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State Minister hints at reduction in fuel oil price: Awaiting approval from Prime Minister Sheikh Hasina
Expressing hope that the prices will come down, he said that earlier the agencies were asked why they do not reduce the prices in the domestic market when the prices come down in the global market. Now that the matter has been resolved; Prices will be adjusted regularly. If the price increases again in the…
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Duty reduced on import of rice, oil, sugar and dates: NBR announces new rules
Additionally, VAT on import of refined and unrefined soybean and palm oil has been fixed at 10 percent instead of the existing 15 percent. This will remain in force till April 15. Meanwhile, before Ramadan, the import duty on dates has been reduced by 10 percent. The current duty is 25 percent which will remain…
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Global fuel oil prices fall: Government refuses to cut prices, BPC profits increase
Typically, the price tariff is set at a price lower than the purchase price, thus, reducing the expense of the BPC. However, if the National Board of Revenue (NBR) wants to impose import duty on procurement prices, BPC’s expenditure on fuel oil will increase. Since the government has not yet finalized the matter, BPC has…
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Gas crisis in Chattogram: Urgent need for local solutions prothom hello
The gas crisis in the Chattogram region turned serious when the gas supply from the floating LNG terminal at Maheshkhali in Cox’s Bazar stopped due to a technical fault around 10:00 pm on Thursday night. Although the supply started after the terminal fault was fixed around 10:30 pm on Friday night, the situation has still…
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Bangladesh’s solar power boom will create thousands of green jobs: A renewable energy revolution unfolds
Chaudhary said the rate per unit of electricity in recently approved independent solar photovoltaic (PV) projects is less than 10 US cents, while the cost of a unit of liquid fuel-based electricity in Bangladesh is more than 16 US cents. The economic benefits of the transition to solar energy are becoming increasingly clear to businesses…
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German farmers protest over government’s decision on fuel subsidy
German farmers protest over government’s decision on fuel subsidy
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Oil discovered in Sylhet gas field
However, he expressed hope that the country could benefit from oil reserves in the next two decades. The extracted oil has been sent to the laboratory for necessary tests. In the well, oil flow was discovered on December 8 at a depth of 1,397 to 1,445 meters with an API gravity of 29.7°. In digging…
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Oil, geopolitics dominate Putin’s talks with Saudi Crown Prince
“We talked again about cooperation in OPEC+,” Russian news agencies quoted Kremlin spokesman Dmitry Peskov as saying. “The parties agree that our countries bear a major responsibility for the negotiations to maintain the international energy market at a reasonable level, in a stable, predictable state,” Peskov said. Saudi Arabia and Russia are the world’s two…
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Will the Israel/Hamas war affect oil prices?
Despite US sanctions, Iranian crude exports have increased significantly this year, offsetting some of Riyadh and Moscow’s voluntary cut of 1.3 million barrels per day (bpd). Pro-Hamas Iran has denied any involvement in the group’s attack on Israel. US Treasury Secretary Janet Yellen said on Wednesday she had nothing yet to announce about whether the…