Karnaphuli Gas Withholds Tk3,000 Crore from Kafco Sales

Bangladesh's first permanent land-based LNG terminal project has stalled after the Rupantorito Prakritik Gas Company Ltd (RPGCL) canceled the short-listing of bidders due to an interim government directive to halt all energy project negotiations.

The Anti-Discrimination Officers Forum of Bangladesh Bank has demanded the resignation of Deputy Governors Nurun Nahar and Dr. Habibur Rahman, accusing them of corruption and malpractice. In a letter to Governor Dr. Ahsan H Mansur, the forum stated their continued presence undermines the bank's integrity.

Karnaphuli Gas Distribution Company has withheld Tk3,000 crore from gas sales to Kafco over 13 years, defying orders to transfer the funds to its parent, Petrobangla. This accumulated amount comes from charging Kafco a higher gas rate than the state-owned fertiliser companies pay.

Apex Tannery Limited has proposed a 5% cash dividend for FY24 for general shareholders despite facing increased losses. The company’s net loss grew to Tk12.66 crore, up from Tk12.44 crore in FY23, with earnings per share (EPS) worsening to Tk8.31 negative.

Runner Automobiles has been downgraded to the 'Z' category by Dhaka and Chittagong stock exchanges for failing to pay cash dividends for FY22 on time. The company had recommended a 10% cash dividend for FY22 but did not declare any for FY23.

Following two fire incidents on oil tankers, the government is expediting the implementation of a Single Point Mooring (SPM) with a Double Pipeline to reduce reliance on oil tankers. The fires occurred on the Banglar Jyoti and Banglar Sourav tankers in late September and early October, prompting the Bangladesh Petroleum Corporation (BPC) to fast-track SPM operations, which will streamline crude oil transport to the Eastern Refinery Limited (ERL).