Oil prices soar as Russia reduces production

The modernization of Sylhet's Osmani International Airport faces fuel supply risks due to construction-related disruptions. The ongoing work, including a new terminal and runway expansion, led to the exposure of the jet fuel supply hydrant line and the cutting of the optical fiber cable (OFC) in the depot's PLC system.

The newly formulated policy for private refineries in Bangladesh, allowing private-sector entry into crude oil processing, poses challenges for existing refiners. The policy mandates a production capacity of 15 lakh tonnes per annum, potentially pressuring current private refiners.

Bangladesh and Oman are set to sign two memorandums of understanding (MoUs) in the areas of human resources, refined oil derivatives, and fertilizer export. The announcement was made by the Oman Ambassador during an event in Dhaka celebrating Oman's 53rd National Day.

The government's new energy policy, outlined in a recent gazette, permits defaulting companies and their directors to invest in private oil refineries, even with pending loan default cases. This marks a significant policy shift, allowing private sector participation in crude oil import, refining, and marketing.

The Cabinet Committee on Economic Affairs (CCEA) has approved the government's procurement of 3.8 million tonnes of refined fuel oil using the Direct Procurement Method (DPM) from January to December of the 2024. T

Meghna Petroleum, a petroleum marketer based in Chittagong, experienced a 40% YoY increase in profit to Tk 4.42 billion, attributed to a substantial rise in non-operating income from bank deposits. The general manager of Meghna Petroleum noted a significant gain in non-operating income due to substantial funds held in commercial banks.