Bangladesh has expressed a positive attitude towards buying fuel oil from Russia at a low price. Now the government is working on what will be the currency exchange system for buying and trading oil.
According to sources, Rosneft wants to sell diesel to Bangladesh at $59 per barrel. The company is willing to supply diesel at this rate up to Chittagong seaport. Bangladesh Petroleum Corporation (BPC) received this proposal last week. The state agency has received several more such proposals. They are scrutinizing all the proposals. This information is known from relevant sources. Refined diesel is currently priced at around $135 in the international market.
Due to the war in Ukraine, Russia’s oil exports to Europe and other countries have decreased. As a result, the world’s third largest oil producer began to look for new markets in Asia and Africa. Earlier, Moscow offered to sell crude oil to Bangladesh. Dhaka did not proceed with the proposal as there was no Russian crude refining capacity in the country. However, Prime Minister Sheikh Hasina ordered a review of the issue of fuel oil import from Russia at the meeting of the Executive Committee of the National Economic Council (ECNEC) on Tuesday. He also asked to work on the currency exchange system. After that, the concerned ministries have started strong activities in this regard.
Multiple BPC sources said they are working on Russian proposals. A committee has been formed for this. They will recommend how to buy Russian oil, what will be the currency exchange system.
When asked, State Minister for Power Nasrul Hamid told Samakal that they are reviewing Russia’s proposal. If you can buy oil at a low price, it will be beneficial for Bangladesh.
According to sources in the Energy Department, deliberations are underway on how to pay for the purchase of Russian oil. The issue of trade deficit between the two countries is being kept in mind to pay the price of oil in roubles. In this regard, Bangladesh is thinking of proposing to Moscow about the transaction in Bata system like the Soviet era. In this way Russia will have bank account in Bangladesh. Bangladesh will import oil and deposit the money in that account number. Russia will buy in Bangladesh with that money. Apart from this, more methods are being considered, said a senior official of the Energy Department. For this, close communication is being maintained with the Ministry of Finance, Bangladesh Bank, Planning Commission and related ministries, departments and institutions.
The annual demand of fuel oil in Bangladesh is 65-70 thousand tons. About 5 million tons of refined oil is brought in.
