State-owned Bangladesh Petroleum Corporation (BPC) will import a total of 1.3mn tonnes of crude from Saudi Arabia and the United Arab Emirates worth 1.187bn by the end of this year, UNB has reported.
BPC will buy 700,000 tonnes of Arabian light crude oil from the Saudi Aramco at an estimated cost of $629mn and 600,000 tonnes of Murban crude oil from Abu Dhabi National Oil Company (ADNOC) for another $564mn.
The crude will be imported under government-to-government agreements and will be coming in phases as per the country’s needs, the report said.
After import, all crude will be refined at the Bangladesh state-owned Eastern Refinery plant in Chittagong.
The deal will also see the construction of power distribution lines for rural electrification.
The total price per barrel has been estimated to come at $117.88 for the period from January- June 2015 and $127.88 for July-December period.
This is including vessel charge, service charge, lighterage charge and VAT and taxes.
