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

Economic Pulse

Economic Pulse

New govt promises low and stable tax regime for economic revival.  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Market Eye

Market Eye

Nifty retreats from record highs on profit taking.  Full Article 

Waning Enthusiasm

Waning Enthusiasm

Markets' post-election enthusiasm lost on consumers.  Full Article 

Banking Sector

Banking Sector

Banks not allowed to trade in bonds for infra lending - RBI.  Full Article 

Gold Imports

Gold Imports

Govt has no proposal to reduce gold import duty.  Full Article 

Reuters India Mobile

Reuters India Mobile

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