Bangladesh grant Tk5 billion loan to Bangladesh Petroleum

The Ministry of Finance (MOF) of Bangladesh granted a loan of Tk 5 billion (US$61.1 million) to Bangladesh Petroleum Corp. (BPC) from its revenue budget. The loan came with the stipulation that BPC will provide uninterrupted supply of fuel to the government’s diesel-based power plants. “The loan worth Tk 5.0 billion has been provided to cash-starved BPC as it has been incurring substantial amount of financial loss due to the gross mismatch between cost of import and selling price of fuel oils during July-August period of the current fiscal year,” a top finance official explained. (January 2, 2012)