Standard Asiatic Oil Company Limited () is a
Bangladeshi
Bangladeshis ( bn, বাংলাদেশী ) are the citizens of Bangladesh, a South Asian country centered on the transnational historical region of Bengal along the eponymous bay.
Bangladeshi citizenship was formed in 1971, when the ...
government owned oil company under
Bangladesh Petroleum Corporation
Bangladesh Petroleum Corporation () (BPC) is a government agency in Bangladesh to import, distribute and market oil and petroleum products. A. B. M. Azad is the chairperson of Bangladesh Petroleum Corporation.
History
Founded in 1976 by Presi ...
. The company sells aviation fuel, bitumen, diesel oil, furnace Oil, and LP gas.
History
Standard Asiatic Oil Company Limited was established in 1965 as a joint venture of
Asiatic Industries Limited and
Esso
Esso () is a trading name for ExxonMobil. Originally, the name was primarily used by its predecessor Standard Oil of New Jersey after the breakup of the original Standard Oil company in 1911. The company adopted the name "Esso" (the phonetic p ...
.
After the Independence of Bangladesh in 1972, Esso left the company and their shares were taken over by the government of Bangladesh.
The shares of Esso given to Bangladesh Petroleum Corporation, under the
, which now owns 50 per cent of Standard Asiatic Oil Company Limited.
The Daily Star reported in 2019, that parent company of Standard Asiatic Oil Company Limited, Asiatic Oil Company Limited, had embezzled money from Standard Asiatic Oil.
One billion taka from Standard Asiatic Oil Company Limited was funned into Asiatic Oil Company Limited, Goodwin Power Limited, and Pyramid Exim Limited.
In August 2022, Standard Asiatic Oil Company Limited handed over the contract to supply Cox's Bazar aviation depot at
Cox's Bazar Airport
Cox's Bazar International Airport is an under-construction international airport in the resort town of Cox's Bazar, Bangladesh. The airport services both local residents of Cox's Bazar as well as tourists to the region. In November 2020, Bim ...
to Padma Oil Company, another subsidiary of Bangladesh Petroleum Corporation. Only Standard Asiatic Oil and
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 ...
store oil condensate in Bangladesh.
The Daily Star reported that a technical officer was hired with a class eight certificate in a position that requires a bachelors in engineering.
He was recruited without a job posting, test, or interview.
An audit of the company found 14 individuals were hired similarly.
In November 2022, Justices
Md. Nazrul Islam Talukder
Md. Nazrul Islam Talukder is a judge of the High Court Division of Bangladesh Supreme Court. He is a member of Bangladesh Judicial Service Commission.
Early life
Talukder was born on 1 December 1964. He has a bachelors and masters in law.
Car ...
, and
Khizir Hayat of
Bangladesh High Court
The High Court Division, Supreme Court of Bangladesh ( bn, হাইকোর্ট ডিভিশন) popularly known as the 'High Court' is one of the two divisions of the Supreme Court of Bangladesh, the other division being the Appellate D ...
ordered
Comptroller and Auditor General
An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations.
Fr ...
and Bangladesh Petroleum Corporation to investigate Standard Asiatic Oil Company Limited over 4.72 billion taka irregularities.
The High Court issued the verdict following a report on The Daily Star.
According to a report of the Comptroller and Auditor General the company had embezzled 4.72 billion taka and the report found the involvement of company director Moinuddin Ahmed who represented Asiatic Oil Company Limited.
The Anti Corruption Commission had found Moinuddin Ahmed had used the embezzled money to purchase properties in Dhaka and Chittagong.
Mohammed Shahed, general manager of the company, was also found involved in the irregularities according to the investigative report.
References
1965 establishments in East Pakistan
Conglomerate companies of Bangladesh
Government-owned companies of Bangladesh
{{Bangladesh-org-stub
Organisations based in Chittagong