Serious allegations of malfeasance and money laundering surrounding the growing import of liquefied petroleum gas (LPG) in Bangladesh. commotion has started over the import of LPG in two Iranian ships which have been imposed trade restrictions in the outer anchorage of Chittagong port. there are allegations that there is a conspiracy to destabilize the market by not importing LPG gas at affordable prices.
Traders and experts related to the energy sector fear that the LPG Sophia tank owned by Bashundhara Group caught fire in the night of October 12 at Kutubdia outside Chittagong port. They think necessary to investigate the fire, accident or conspiracy in several ships in a row. The country’s LPG gas demand is less than 1 lakh 20 thousand torr per month. Demand for LPG is increasing day by day due to urbanization and industrialization and scarcity of natural gas. this demand, 26 private companies approved by the government are currently supplying gas, with a capital investment of more than 40 thousand crofabricated
LPG is imported and marketed in Bangladesh at the market price of Saudi Arabia in line with the international market price. various companies always try to import LPG at affordable prices by negotiating in the international market. As a result of which the supply of LPG in the country and the import of the government save dollars in addition to the reserve also plays a role in times of crisis.
neighboring India also imports LPG gas at low prices. The country has also developed infrastructure in this sector. An agreement has also been reached recently between Bangladesh and India on LPG export. International import shipping cost is determined based on geographical location, LPG import from Bangladesh to Middle East is cost effective and can be brought in less time. In view of which various LPG companies have imported LPG from various suppliers in their own efforts.
A perusal of customs documents shows that LPG imports at somewhat affordable prices have been playing an important role in reducing government expenditure while supplying LPG to the market at affordable prices. As a result, the consumer gets his product at the right time and at the right price.
But two LPG companies have engaged in a deep conspiracy to threaten the import and destabilize the market by preventing imports at affordable prices and threatening the imports with fabOperators
reports in order to control their monopoly in the market.
It is alleged that a private company got special benefits in the energy sector during the previous Awami League government. Allegations have been raised that the same private company used to
control the fuel oil transportation of Bangladesh
Petroleum Corporation-BPC.
The controversial company recently began construction of a new oil tanker at a cost of $74 million. It is assumed that it will be used in the energy transport of Bangladesh. Recently, the fire accident in two government oil tankers (Bangla Sourav and Bangla Jyoti) has been reported in various media as conspiratorial. A private sector organization will benefit if the use of government vessels is limited for fuel transport.
In addition, some companies have expressed suspicion that some companies are doing money laundering by showing more than 20 to 40 dollars per ton in LPG import as well as destroying the country’s money. At the same time, the businessmen concerned in this sector have drawn the attention of the concerned department of the government to investigate the issue of money laundering.
A letter was given to the Chairman of Chittagong Port on the letter pad of LPG Operators
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Association of Bangladesh (LOAB) on October 6. After discussing the letter with other members of the association, it was revealed that the president of the association, without consulting anyone, exhibited personal and business vindictive behavior.
The letter mentions using the names of two vessels (GMS and Nicholas) to collect LPG from Iran and show the load port in Iraq in the documents. But in fact, after reviewing the various documents of the two ships, it has been revealed that the LPG imported by the two ships was purchased from the UK and Oman. It is believed that a gang is currently taking steps to create chaos in the energy sector by using government departments as a shield to destabilize the overall situation in the country.
The matter is considered to be only personal interest and an attempt to make more profit for the LPG company. Apart from fuel oil, if the LPG sector is axed in the hands of a particular company, not only other companies will suffer but also the energy security of consumers will be threatened.
A product as highly sensitive as LPG is related to the daily needs of the consumer. If this product becomes hostage in the hands of a company, then the competitive environment of the country’s entire energy sector will be destroyed and there is a risk of instabisummary
The annual demand of LPG in Bangladesh is about 1.4 million tonnes, which is met by imports through 26 private companies. Imports are mainly from Middle East countries or from India and Sri Lanka through various traders and have been playing a tireless role in meeting the needs of the country by importing LPG. As a result, consumers in the country are getting LPG at the right time and at the right price.
The country’s demand for LPG gas is increasing day by day, to exploit this opportunity, a company plans to launder the country’s money by using a company named MJL (S) Private Limited, a Singapore-based company, during the previous Awami government’s period to exploit the LPG market. It is alleged that they are still managing various government departments and continuing their activities.
From January 2023, Omera Petroleum Limited Company started importing LPG from the United States, the main purpose of which was to launder money from Bangladesh. From January to December 2023, the company exported about five lakh tonnes of LPG to Bangladesh through its own company located in Singapore. LPG is marketed in Bangladesh at Asian prices, reflecting the huge difference between Asian and US prices. As a result, about 120 million dollars have been smuggled out of the country. A summary
It appears that the company is smuggling money to Singapore by showing high prices. The sector concerned said that it is necessary to look into how the money is going from Singapore to the United States. The same company has been importing LPG at the highest price in the country since January 2024.It is feared that another 70 to 80 million dollars have already been smuggled this year. Therefore, for the sake of the country, it is necessary to urgently investigate the involvement of the Singapore-based company MJL (S) Private Limited (Registration No. 201613511H) and the domestic company Omera Petroleum in anti- national activities from the relevant government departments.
