Padma Oil Co Dealers, agents decide to take over shares

Dealers and agents of Padma Oil Company have decided to take over the government shares of the petroleum marketing and distribution agency, as the government decided to offload its shares in the company.

A special general meeting of Padma Oil Dealers and Agents Welfare Association at a local hotel yesterday took a unanimous decision to take over and operate the company.

The meeting, chaired by Association convenor Abul Kalam Azad, invited all the dealers and agents to take membership of the association by August 31 this year to participate in the takeover bid.

The meeting also formed a 21-member executive committee of the association with Abul Kalam Azad as president and Syed Sazzadul Karim Kabul as secretary general, said a press release.

The Privatisation Commission has decided to privatise four petroleum marketing and distribution companies under the state-owned Bangladesh Petroleum Corporation through international bid.

The privatisation will be effected in two phases and Padma Oil Company remains in the first phase with Eastern Lubricants. The government owns 50 per cent share of Padma Oil company.