Bangladesh Petroleum Corporation (BPC) is facing a significant challenge in paying its fuel bills due to a shortage of foreign currency and increasing arrears. As of August 22, BPC owes a total of $47.61 million, with the largest amount due to Singapore-based Vitol ($185.6 million) and other notable amounts to Chinese Unipec ($58.6 million), UAE Inc. ($57.1 million), Indonesia’s BSP ($4.69 million), Malaysia’s PTLCL ($2.18 million), and India’s IOCL ($2.5 million). Additionally, BPC owes over $8 million to the International Islamic Trade Finance Corporation (ITFC). BPC has been profitable for over two years but struggles with dollar shortages, exacerbated by bank closures and delays in loan disbursement. To import fuel oil, BPC needs to open 17 to 18 loans monthly, but banks are hesitant, causing payment delays. Meanwhile, five Indian power companies collectively owe over $1 billion to Bangladesh, with major debts held by Adani ($800 million) and others, including SEIL Energy ($150 million), NTPC ($8 million), and PTC India ($7-9 million). The World Bank and Asian Development Bank are being sought for financial assistance.
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