Bangladesh aims to halt 95-octane gasoline imports by 2016

DHAKA, April 1 Mon Apr 1, 2013 3:41pm IST

Stocks

   

DHAKA, April 1 (Reuters) - Bangladesh expects to stop importing 95-octane gasoline by 2016, saving $200 million annually, a senior energy official said on Monday.

"We are working on a plan to become self-sufficient in octane in four years by enhancing annual production at Rashidpur Condensate Fractionation Plant (RCFP) to 120,000 tonnes," said Muhammad Hussain Monsur, Chairman of the Bangladesh Oil, Gas and Mineral Corporation, or Petrobangla.

"That is good enough to meet the entire domestic annual need for octane," he told Reuters. "It will save $200 million as we will no longer buy octane from abroad." RCFP is a subsidiary of Petrobangla.

Bangladesh currently imports about 90,000 tonnes a year of 95-octane gasoline. It buys refined oil products from several state-owned oil companies including Malaysia's Petronas , PetroChina, Philippines National Oil Company (PNOC), Kuwait Petroleum Corporation (KPC), Emirates National Oil Company (ENOC), Egypt's Middle East Oil Refinery and Vietnam's Petrolimex.

"We have already taken up a project to refine additional condensate produced by the RCFP," Monsur said. RCFP currently produces 36,000 tonnes of octane for fuel-run motor vehicles, 43,200 tonnes of petrol, 36,000 tonnes of kerosene and 43,200 tonnes of diesel.

Monsur said that after the completion of the RCFP expansion in 2016 at a cost of 1.60 billion taka ($20 million) it would use the condensate from Bibiyana gas filed which is run by U.S energy firm Chevron. ($1= 78.00 taka) (Reporting By Serajul Quadir; Editing by Anis Ahmed and Muralikumar Anantharaman)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Global Trade Deal

Global Trade Deal

Rural votes, old traumas drive India's WTO brinkmanship.`  Full Article 

E-Commerce Funding

E-Commerce Funding

E-tailer Flipkart raises $1 billion in funding.  Full Article 

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

New Frontiers

New Frontiers

EXCLUSIVE - Goldman moves executive to new role building ETFs.  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Argentina Debt Default

Argentina Debt Default

Insight - Jaded Argentines brace for looming debt default   Full Article 

Anti-trust Probe

Anti-trust Probe

Microsoft targeted in apparent Chinese anti-trust probe  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage