Chevron Pressures Petrobangla for $280M Gas Dues

S Alam Refined Sugar Industry illegally sold 60,500 tons of raw sugar in the open market without paying customs duties, violating regulations. The Chattogram Customs Bond Commissionerate has issued a claim of Tk 246.26 crore against the company, along with a Tk 3 lakh fine. Additionally, S Alam Group has evaded Tk 755 crore in VAT, making it the leading company for VAT evasion among its affiliates. An audit on their sales and production activities has been completed, resulting in a preliminary report.

The central bank is investigating Keya Cosmetics Ltd. for failing to deposit $49 million (5880 crore BDT) in export earnings into its foreign currency account. The company has raised concerns against Pubali, Southeast, and National banks, citing negligence in handling its finances.

Many power plants in Bangladesh are operating below capacity, resulting in high electricity production costs. For instance, the Tongi Gas Turbine Power Plant, designed to generate 105 MW, is currently producing only 80 MW and generated a mere 483,829 units last financial year, equating to just 0.07% of its capacity. This inefficiency led to a production cost of approximately 1,234 Taka per unit.

Bangladesh’s interim government canceled a previous agreement with Summit Group to build a floating LNG terminal at Moheshkhali due to non-compliance, including a missed performance guarantee deadline. Now, the Ministry of Power, Energy, and Mineral Resources has instructed Petrobangla to launch an international tender for a similar floating storage and re-gasification unit (FSRU) at the same location.

The government has announced a 100% tax exemption for renewable energy power producers beginning commercial operations between July 1, 2025, and June 30, 2030, under the Build, Own, Operate (BOO) model. This exemption will last five years, followed by a 50% tax exemption for three years and a 25% exemption for an additional two years. The National Board of Revenue (NBR) issued a circular outlining these incentives, requiring compliance with the Private Sector Power Generation Policy of Bangladesh.

The Dhaka Stock Exchange (DSE) rebounded today after reaching a four-year low, with the DSEX index rising by 118.8 points (2.42%) to close at 5,017. Key sectors such as banking, pharmaceuticals, and telecommunications contributed to the gains, led by Islami Bank Bangladesh and BRAC Bank. Turnover decreased by 2.98% to Tk 347 crore, with banking dominating trading volume. Non-bank financial institutions saw the largest sector gain at 4.30%, while the fuel and power sector declined by 0.72%.