BPC TO EXPORT CONDENSATE FOR FIRST TIME

২৫ শে আগস্ট, ২০১৫ বিকাল ৩:৪০

Global energy giant Olive has received a work order from Bangladesh Petroleum Corporation (BPC) to buy 120,000 barrels natural gas condensate—a source of petrol and octane—at USD 0.38 less than the international price of a barrel of naphtha. This is the first time that the government is going to export natural gas condensate, as its production has outpaced local demand. by selling the first consignment of natural gas condensate to Olive, the government will earn Tk. 50 crore. Olive would ship the condensate from Eastern Refinery Ltd’s (ERL’s) storage facility. BPC floated open tenders on July 16, inviting interested companies to submit bids by Monday to buy 120,000 barrels from Chittagong between August 23 and 25. If such condensate exports would continue, as the first consignment has proven to be lucrative for the government. According to information provided by Petrobangla, the country’s annual production of condensate increased by over 70 percent, mainly after Chevron Bangladesh set up a liquid recovery unit at Bibiyana gas field towards the end of 2014. The government plans to export condensate as it cannot store the condensate in the storage facilities, which are occupied by imported furnace oil. The BPC is responsible for this situation, as it has allowed private companies to import liquid fuel from abroad and book huge profits.

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