Bangladesh Petroleum Corporation () (BPC) is a government agency in
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
to import, distribute and market oil and
petroleum product
Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. The m ...
s.
is the chairperson of Bangladesh Petroleum Corporation.
History
Founded in 1976 by Presidential Ordinance to import and distribute crude oil, fuel, lubricating oil, and petroleum products in Bangladesh.
It is managed by the
.
Bangladesh Petroleum Corporation had an annual import level of as much as 29 million barrels as of 2009.
The 2017 Economic Survey found Bangladesh Petroleum Corporation to be the most profitable state-owned enterprises.
It made more than 90 billion taka in the 2015-16 fiscal year.
Bangladesh Petroleum Corporation decided not to sell oil to
Biman Bangladesh
Biman Bangladesh Airlines ( bn, বিমান বাংলাদেশ এয়ারলাইন্স) commonly known as Biman ( bn, বিমান), pronounced (), is the national flag carrier of Bangladesh. With its main hub at Hazra ...
, the state owned airlines, on credit for because the airlines outstanding due had crossed 16 billion taka in December 2017.
On 20 February 2018, Bangladesh Petroleum Corporation sought permission from the government to set the oil prices using a new formula that will automatically adjust the prices with the price on the international market.
The company feared the low price on domestic market might lead to losses for the company and encourage the smuggling of oil in the border areas with India.
In 2020, the Government of Bangladesh changed the law to require state owned enterprises to deposit surplus or idle funds to the national treasury.
Bangladesh Petroleum Corporation deposited 50 billion taka to the national treasury.
Bangladesh Petroleum Corporation decided to use private oil tanks to store oil as its own tanks were near full capacity in 2020.
This was the result of a 60 percent decline in sales following the lockdown during the
COVID-19 pandemic in Bangladesh
The COVID-19 pandemic in Bangladesh is part of the worldwide pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). The virus was confirmed to have spread to Bangladesh in March 2020. The first ...
.
Companies
*
Eastern Refinery Limited
Eastern Refinery Limited or ERL is the sole country-owned oil refinery in Bangladesh. ERL, a subsidiary of Bangladesh Petroleum Corporation, plays a vital role in supplying around 40% of country's current petroleum products demand and thus maintain ...
*
Padma Oil Company Limited
*
Jamuna Oil Company Limited
*
Meghna Oil Company Limited
Meghna Petroleum Limited () is a Bangladesh petroleum company owned by Bangladesh Petroleum Corporation, a state owned corporation. Mir Saifullah-Al-Khaled is the Managing Director of Meghna Petroleum Limited. Md. Anisur Rahman, Senior Secretary a ...
*
Eastern Lubricants Blenders Limited
*
Standard Asiatic Oil Company Limited
*
LP Gas Limited
LP or lp may stand for:
Businesses and organizations
*LP, Limited partnership in corporate law or a Limited Partner in a venture capital fund
In politics
*Labour Party (disambiguation), in several countries
*Liberal Party, in several countries
...
*
Asphaltic Bitumen Plant
References
External links
Bangladesh Petroleum Corporation official websiteBangladesh Petroleum Corporation BusinessWeek
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...
report on BPC.
Oil and gas companies of Bangladesh
1976 establishments in Bangladesh
{{Bangladesh-gov-stub