Petrobangla has prepared a draft of the Production Sharing Contract (PSC) for offshore gas exploration that improves the state-owned company’s bargaining position when it sits down for negotiation with global oil companies.
The latest hike of gas prices undoubtedly spells trouble for industries as they will try to shift the burden onto consumers by raising product prices, which will boomerang onto them by eating away at their competitiveness in international markets.
The amendment to BERC Act alters its position as the sole authority for fixing energy prices.
The government has been deprived of about Tk 4,697 crore for 19 counts of irregularities by Petrobangla and Bangladesh Petroleum Corporation, found an audit.
The national energy crisis is a direct result of the corruption and nepotism encouraged by the indemnity law.
It must be made accountable for its irregularities
A recommendation has been made to a parliamentary standing committee that a martial-law era provision be brought back for shielding Petrobangla officials from legal proceedings for “acting in good faith”.
Petrobangla used around Tk 2,000 crore from the Gas Development Fund, which was formed for gas exploration, to import liquefied natural gas. According to Bangladesh Energy Regulatory Commission, Petrobangla did not take necessary permission for this.