Corruption, inefficiency forcing govt to privatise oil companies

Blasting 'wholesale corruption and inefficiency' in the Bangladesh Petroleum Corporation, Finance and Planning Minister M Saifur Rahman hinted at loosening government grip on the country's petroleum business through offering shares of the corporation to the private sector.

The minister said that if he had full discretion he would have immediately privatised the Corporation.

"Before the full disinvestment there should be a public and private sector partnership in the petroleum business in order to ensure good returns to government coffers," the minister observed.

Addressing a ceremony to mark commercial operation of Surja LP Plant at Mongla Port in Bagerhat on Wednesday, the minister said the Southwestern part of the country is lagging behind not because of investment scarcity but of energy crisis like gas.

"The government is contemplating to connect this energy-thirsty region to the national gas grid. Bhola and Sirajganj are the two options from where gas can be brought in here through laying pipe," he said.

Supporting the proposed Padma Bridge at Mawa Point Saifur hoped that the bridge could be a permanent solution in connecting the river-braided region to the national gas grid.

Expressing satisfaction over the ongoing speedy construction of the Rupsha Bridge and the Mongla Air Port, the minister said that upon completion of these two communication infrastructure the whole region would avail quick access to the world market.

"Such access will help in tapping substantial investment which in turn will enhance economic importance not only of the region but also of the country," Saifur said.

"The Mongla Port was initially designated for export handling and Chittagong seaport for import but the previous has miserably failed to prove its worth as an export-oriented port due to want of required infrastructure," he lamented.

Assuring all possible support Saifur said government is pledge-bound to develop the port into a modern one.

Appreciating Summit Surma Petroleum Co Ltd for launching Surja LPG Plant, the minister said it would significantly lessen the pressure on firewood and reduce tree-felling spree in the area.

Later the minister laid foundation stone of the 112,000 MT capacity storage terminal of Summit Surma Tanks Terminal Ltd which would be the largest oil reservoir of the country.

Saifur Rahman also asked the edible oil traders to desist from profiteering motive and not to market half-refined oil which causes serious health hazards to millions.

Sheikh Tayyabur Rahman, mayor of Khunla City Corporation, Matiur Rahman, editor of Prothom Alo, Muhammed Aziz Khan, chairman of Summit Group of Companies, Mosharraf Hossain, member (finance) of Mongla Port Authority, Azam J Chowdhury, chairman, Muhammed Farid Khan, managing director and Engr Hafizur Rahman, executive director of Summit Surma Petroleum Co Ltd and Naser Rahman, local MP were present at the ceremony.

Thirty-seven acres of land has been leased from Mongla Port Authority to construct the LPG plant which is expected to bottle 35,000 MT of gas a year.