Energy Majors Lag in Green Transition Amid Growing Pressure

MJL Bangladesh PLC, a prominent lubricant marketer, plans a Tk 350 crore ($32.5 million) investment in acquiring a new LPG tanker with an 11,000 cubic meters capacity. The board of directors, in a joint venture with East Coast Group and Jamuna Oil Ltd, approved the purchase, allocating an additional $1.50 million for various associated expenses.

Despite the government's assertion of achieving 100% electricity access, a survey conducted by Micro Industries Development Assistance and Services (Midas) reveals that 7.64% of consumers still resort to bribery to secure power connections.

In December 2023,  the price of 12kg liquefied petroleum gas (LPG) cylinders increased to Tk 23, now set at Tk1,404. LPG (autogas) for vehicles rises to Tk64.43 per kg from Tk63.36. Government-supplied LPG remains unchanged. The hike, unrelated to global LPG prices, is attributed to the Taka's depreciation against the dollar.

Bangladesh anticipates initiating nuclear power generation at the 2,400-megawatt Rooppur nuclear power plant by late 2024 or early 2025, as Russia completes fuel delivery via air cargo due to shipping sanctions.

Bangladesh is strategically shifting towards renewable energy investments in response to surging energy costs driven by the Ukraine War and a commitment to sustainable development. Currently, the country is evaluating five new renewable power projects with a combined 700MW capacity.

Intraco Refueling Station is set to transport stranded gas from Bhola Island to industrial boilers near the capital, providing a breakthrough in gas supply amid shortages. The company plans to supply compressed natural gas (CNG) to the Gazipur and Bhaluka industrial belts initially, alleviating the low piped-gas pressure in these areas.