Tuesday, 27 September, 2022

Refined Oil Import

BPC requests Russian co to translate proposal in English

After receiving translated version, BPC will start evaluating terms and conditions to make final decision

BPC requests Russian co to translate proposal in English

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Bangladesh Petroleum Corporation (BPC) requested Rosneft Oil Company Russia to translate the latter’s refined oil supply proposal into English for evaluation of the terms and conditions.

 “We recently received a proposal from Rosneft Oil Company Russia in Russian language. We then requested the company to translate the proposal into English so the BPC can evaluate the proposal and take a decision following the Prime Minister’s instructions,” said a BPC official seeking anonymity.

When contacted, Energy and Mineral Resources Division’s senior secretary Md Mahbub Hossain said the government will review terms and conditions of the Russian proposal.

Russian state-owned Rosneft Oil Company Russia proposed to sell refined oil to Bangladesh as the state-owned Eastern Refinery Limited (ERL) rejected to procure Russian crude after its specification didn’t match.

Now, China and India are procuring Russian crude oil at 35 percent lower than regular prices.

Recently, China downsized the procurement of refined oil from Russia due to economic slowdown there.

Prime Minister Sheikh Hasina asked ministers on Tuesday to find ways to import Russian oil to combat the global fuel crisis.

"The Premier has directed the ministry concerned to find a way for importing oil from Russia with own currency, citing that India is importing oil from Russia with non-dollar payment," Planning Minister MA Mannan told the media after an Ecnec meeting on Tuesday.

“The prime minister said if India can import fuel from Russia, why can’t we?” he said, citing Prime Minister.

The planning minister also said the prime minister ordered the authorities to figure out what currency should be used to buy fuel from Russia.

Bangladesh has been facing an energy supply shortage following the global crisis caused by the Russia-Ukraine war that has promoted a barrage of western sanctions on Russia.

“We will meet with the Bangladesh Bank and its Russian counterpart about the payment method of the fuel,” another official of the Energy and Mineral Resources Division said on the condition of anonymity.