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The Financial Express
Swasti Lankabangla Swasti Lankabangla

Meghna Petroleum signs deal with 4 cos for selling LPG

Padma Oil, Jamuna Oil sign deal with Omera Gas One


| Updated: September 15, 2020 10:01:38


Meghna Petroleum signs deal with 4 cos for selling LPG

The state-run listed company Meghna Petroleum has signed agreements with four non-listed companies - Beximco LPG Unit-1, Bashundhara LP Gas, Omera Gas One and Unitex LP Gas as part of its business expansion by selling LPG.

Under the agreement, the state-run petroleum company will sell these companies' LPG by establishing LPG (Autogas) refueling station and liquefied petroleum gas conversion workshop parallel to the sale of petroleum oil through the company’s registered filling station.

The Meghna Petroleum will receive royalty of Tk 0.50 against per liter sale of LPG, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Sunday.

The Meghna Petroleum, a statutory organisation under the power, energy and mineral resources ministry, has stepped forward to make LPG more available as a primary fuel source for vehicles in Bangladesh.

The move comes as part of the government’s ongoing efforts to increase LPG consumption in the country, where reserves of natural gas are depleting rapidly.

Each share of the Meghna Petroleum, which was listed on the Dhaka bourse in 2007, closed at Tk 199.30 on Sunday, losing 1.23 per cent over the previous day.

Its shares traded between Tk 119 and Tk 204.8 in the last one year.

The company’s earnings per share (EPS) stood at Tk 19.72 in nine months for July, 2019 to March, 2020, which was Tk 21.53 in the same period of the previous year.

The company disbursed 150 per cent cash dividend in 2019.

The company’s paid-up capital is Tk 1.08 billion and authorised capital is Tk 4.0 billion while the total number of securities is 108.21 million.

The government owns 58.67 per cent stake in the company, while the institutional investors own 30.28 per cent, foreign investors 0.56 per cent and the general public 10.49 per cent as on July 31, 2020, the DSE data shows.

The state-run Padma Oil Company and Jamuna Oil Company also signed agreements with Omera Gas One Ltd to sell LPG by establishing LPG (Auto gas) refueling station parallel to the sale of petroleum oil through their registered filling stations as part of business expansion.

Recently, Padma Oil also signed an agreement with Energypac Power Generation and Beximco LPG Unit-1 to sell LPG by establishing LPG (Auto gas) refueling station parallel to the sale of petroleum oil through the company’s registered filling stations as part of its business expansion.

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