Europe and the United States are not major buyers of Middle East crude but will feel the pain from a prolonged blockage of oil flows through the Strait of Hormuz in the form of higher global prices, analysts said. “If we see a prolonged war, in which the strait remains out of use for a […]
The United States and Israel launched attacks on Iran on Saturday (February 28), which could close the Strait of Hormuz, a key oil shipping route at the mouth of the Persian Gulf. Iran has repeatedly threatened to close the strait, signaling it could disrupt the vital maritime artery that carries a fifth of the world’s […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]