Govt to Allow Private Sector in Fuel Oil Refinery
09.27.2023 By Tank Terminals - NEWS

September 27, 2023 [Rising bd]- The government is going to allow the private sectors to import crude oil, refine, store, distribute and market their products of crude oil to the private sector.


From now on, private entrepreneurs can set up oil refineries to refine fuel oil. Due to the Russia-Ukraine war, there is a crisis in the supply of fuel oil in the international market. In this situation, the government took the decision.

Sources said private entrepreneurs can import fuel oil and sell it at their own petrol pumps at the price set by the government. The Ministry of Power, Energy, and Mineral Resources has already drafted a policy framework in this regard.

Under the initiative, the Bangladesh Petroleum Corporation (BPC) will procure 60 percent of diesel, petrol, octane, jet fuel, and furnace oil during the initial five years of private sector fuel production entering the market.

Some private companies have already applied to the ministry seeking permission to import fuel oil and set up refinery. Bashundhara Group, Partex Group, TK Group and Elite Group are among them.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Saudi Arabia Could Cut the Price of its Flagship Crude for Asia
12.01.2023 - NEWS
December 1, 2023 [Oil Price]- Rising global crude stockpiles and weak demand could prompt Saudi A... Read More
3300-Km SoutH2 Hydrogen Pipeline Takes a Big Step Forward
12.01.2023 - NEWS
December 1, 2023 [PTJ]- A planned 3300-km dedicated hydrogen pipeline between Italy, Austria and ... Read More
Caspian Pipeline Consortium Resumes Oil Loadings at Black Sea Terminal
12.01.2023 - NEWS
December 1, 2023 [Yahoo Finance]- The Caspian Pipeline Consortium (CPC), a main export route for ... Read More
Japan Completes Construction of First Demonstration LCO2 Transport Vessel
12.01.2023 - NEWS
December 1, 2023 [Blogger]- A Japanese R&D project for liquid carbon dioxide transportation h... Read More