Cabinet approves oil imports from Philippines

Bangladesh Petroleum Corp. (BPC) announced it will import fuel from the Philippine National Oil Co. (PNOC) from July to December. The government’s cabinet committee on government purchase approved the deal in early May during a meeting led by its Chairman and Finance Minister A.M.A. Muhith. BPC last year signed an agreement with the Malaysian state-owned Petronas Trading Corp. Sdn Bhd (Petco) to import two-thirds of the country’s refined oil needs, shifting its major dependence from Kuwait Petroleum Corp. (KPC). (May 13, 2009)