Bangladesh Petroleum Corporation (BPC) has sought Tk 2356.75 crore financial supports from the government to overcome its fund crisis during the current month.
BPC Chairman Md Eunusur Rahaman, in a letter sent through Energy and Mineral Resources Division secretary recently sought the support from the Finance Division.
The BPC would require $626.66 million or Tk 4,906.75 crore in July as it has to pay $392.79 million cargo LC fare, repay $132.43 million loans of Islamic Trade and Finance Corporation (ITFC) and $101.44 million syndicated loan, he said.
Besides, the BPC would require another Tk 350 crore to pay duties and VAT, ERL processing fees, ship fare etc, he said.
The BPC’s earning from sales of petroleum fuels through distribution companies during this month is estimated at Tk 2,900 crore.
The BPC has a shortage of Tk 2356.75 crore during the current month, BPC chairman said.
“If the Finance Division does not release the amount of fund sought for, BPC might face serious problems in paying cargo bills, ITFC loan and syndication loan,” he said.
This would put the corporation in a difficult situation, as the BPC would fail to supply petroleum fuel for fund crunch, which would also hamper the image of the corporation, he feared.
The outstanding petroleum fuel bills from different state-owned enterprises now stand at Tk 8,053.28 crore. But the BPC is yet to realize the arrears due to lack of auditing of the arrears between 1999-2000 and 2012-2013 fiscals, he said.
The Energy and Mineral Resources Division has sought Tk 4,731.11 crore out of the total arrears of Tk 8,053.28 crore. But it is yet to get any response from the Finance Division.
