Energy Bangla

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Dhaka Monday,  Jan 24, 2022

Petroleum

The government has no plan or option to bring down the price of oil for now as the global price of oil is in up trend, said the state minister for Power, Energy and Mineral Resources Nasrul Hamid. He said so to the reporters, after a deal signing ceremony between Bangladesh Petroleum Corporation and French company Technip that took place in the city on Wednesday. He also said that, earlier... »
Oil prices settled slightly lower on Friday, the year’s last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc (BHI.N), added... »
The world’s natural reserve on fossil fuel is depleting and on the other hand, the increasing amount of greenhouse gas that exhausted from the fossil fuels has created a world-wide energy crisis. The world must find a sustainable solution to get rid of the situation. More and more research on renewable technology is needed and at the same time, skilled manpower with an optimum use of energy resources may help... »
The government is likely to cut fuel prices in January to rationalise the value of the petroleum products in line with the prices in the international market, says Finance Minister AMA Muhith. However, the prices might not go down by a large margin, he added. Wednesday at the Finance Ministry he told journalists, The rate of reduction will not be much as the oil price in international market is fluctuating.... »
Foreign Remittance is one of the major sources of this country’s income.But, Continuous fall of the oil price in the global market affected the remittance inflow. Sources from Bangladesh Bank stated that, remittance reception dropped by $1.3 billion in the last 11 months this year comparing to the same time frame last year. Central Bank provided data suggests that, remittance has been on the slide every month since December last... »
Indian consumers will soon have to pay more for fuel as global crude oil prices have shot up 15% in the last two weeks as OPEC and other major producers such as Russia have agreed to cut supplies for the first time since 2001. Analysts said state oil marketing companies may need to raise petrol and diesel prices by up to Rs 6 per litre when they review global fuel... »
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball,... »
State–owned Bangladesh Petroleum Corporation (BPC) signed a contract with Chinese firm China Petroleum Pipeline Bureau (CPP) to implement ‘Single Point Mooring (SPM) with Double Pipeline’ project. BPC director (P&D) Mozammel Haque and CPP president Zhao Yujian signed the contract on behalf of their respective sides. As per the deal, Chinese state-owned CPP will set up the project as EPC (engineering, procurement and construction) contractor at a cost of $550.40 million... »
A MoU signed between Lub-rref Bangladesh Ltd and South West Holdings (Pvt) Ltd, Srilanka recently in Taiwan. Under this MoU, South West Holdings (Pvt) Ltd will be distributing BNO Lubricants in Srilanka. Mr. Salauddin Yousuf, Director of Lub-rref Bangladesh Ltd and Mr.  Anura Samarawickrema Lokuhetty, Chairman of South West Holdings (Pvt) Ltd signed the MoU on behalf of their respective company. Mr.  Abdul Matlub Ahmad, President FBCCI Bangladesh and Ms.... »
Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left “a huge hole” in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal. “As oil makes up for more than 90 percent of Iraq’s budget, a huge hole was knocked in the budget by the fall in prices right at the... »