Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) is experiencing a severe shortage of funds, primarily due to the pressure of importing Liquefied Natural Gas (LNG). The state-owned agency seeks loans from multinational banks HSBC and Standard Chartered and the Islamic Trade and Finance Corporation (ITFC) to overcome the ongoing financial crisis.
Meanwhile, employees of 13 companies under Petrobangla’s companies enjoy multiple bonuses and significant profits, despite restrictions on gas distribution companies making profits. Companies delay gas sales payments to Petrobangla while withdrawing funds, showing interest in development project money as profits, which is illegal. Only four out of thirteen companies under Petrobangla are profitable. The financial challenges have affected Petrobangla’s subsidiary, GTCL, from sharing bonuses. Unmetered customers are charged extra, allowing for unofficial profits. Transparency and addressing the fund shortage are crucial for Petrobangla.
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