Padma Oil Company
Bangladesh Petroleum Corporation | |
Website | pocl |
---|
The Padma Oil Company Limited (
History
Padma Oil Company Limited (POCL) is the largest and oldest oil company in
Before the partition of the sub-continent in 1947, two oil marketing companies, Burmah Oil Company (BOC) and Burmah Shell Oil Storage and Distribution Company (BSOC), operated in Bangladesh. Burmah Shell established an aviation depot at Tejgaon Airport in the year 1948. In 1965, Burmah Shell transferred their share from BOC, and a new company called Burmah Eastern Limited was formed. After the Bangladesh Liberation War, Burmah Eastern Limited became a subsidiary of Bangladesh Petroleum Corporation (BPC) in 1977. In 1985, BOC transferred its entire property in Bangladesh (including Burmah Eastern Limited) in favor of BPC. As per terms of the transfer of BOC's whole share to BPC, Burmah Eastern Limited was required to change its name to Padma Oil Company Limited after the Padma River in 1988. Today, the company is one of the largest distributors of petroleum products in Bangladesh and is listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange.[2]
Eastern Lubricants Blenders Limited operates on land leased from Padma Oil Company and many of the staff are deputed from Padma Oil.[3]
In April 2012, the Anti Corruption Commission sued three senior executives at the Padma Oil Company on charges of embezzlement from the company.[4]
In July 2013, the Anti Corruption Commission sued the Managing Director of Padma Oil Company, Abul Khayer, and 91 other employees for illegally hiring staff at the company.[5]
The Anti Corruption Commission arrested the former Managing Director of Padma Oil Company, Md Abul Khair, on allegations of embezzling 30 million taka from the company.
In 2020, Padma Oil declared 125 percent cash dividends on its shares.
Padma Oil signed an agreement with Bashundhara LPG and Petromax LPG to sell their LPG in its gas stations.[12] It has similar agreements with Beximco LPG Unit-1 and Energypac Power Generation Limited.[13][14] In November 2021, a ship exploded at the depot of Padma Oil Company in Sugandha River in Jhalokati District killing one and injuring seven others.[15] Five of the injured died in the hospital which raised the death toll to six.[16] On 11 November 2021, Padma Oil increased the price of jet fuel for the 11th time in around 13 months.[17]
Operation and distribution
POCL has a vast depot network to ensure an adequate supply of fuels and agrochemicals throughout the country. The central installation of the company is situated at Gupthakhal,
See also
- Myanmar Oil and Gas Enterprise
- Meghna Petroleum Limited
References
- ^ "Decline in interest income drags down govt-run oil firms' profits". The Business Standard. 2 January 2022. Retrieved 4 January 2022.
- ^ "Historical Events of the Company". Padma Oil Company Limited. Archived from the original on 6 October 2018.
- ^ "Eastern Lubricant profit jumps for low-cost base oil imports". The Business Standard. 26 December 2021. Retrieved 4 January 2022.
- ^ "Three top Padma officials sued". The Daily Star. 24 April 2012. Retrieved 4 January 2022.
- ^ "ACC sues Padma Oil MD". The Daily Star. 11 July 2013. Retrieved 4 January 2022.
- ^ "Padma Oil ex-MD held for 'embezzling TK 3cr'". The Daily Star. 21 September 2017. Retrieved 4 January 2022.
- ^ "ACC sues ex-Padma Oil boss Khair". The Daily Star. 7 April 2017. Retrieved 4 January 2022.
- ^ Barua, Dwaipayan; Miah, Mohammad Suman (31 December 2017). "BPC won't sell fuel to Biman on credit". The Daily Star. Retrieved 4 January 2022.
- ^ "Padma Oil declares 125pc cash dividend". The Financial Express. Retrieved 4 January 2022.
- ^ a b c "Oil price hike also to fund BPC's flats, office block". The Business Standard. 19 November 2021. Retrieved 3 January 2022.
- ^ "Govt policy of profiting from fuel hurts people". New Age. Retrieved 4 January 2022.
- ^ "Padma Oil signs deal with two more LPG companies". The Financial Express. Retrieved 4 January 2022.
- ^ "Padma Oil inks business deal with Beximco LPG Unit-1". The Financial Express. Retrieved 4 January 2022.
- ^ "Padma Oil signs business deal with Energypac Power". The Financial Express. Retrieved 4 January 2022.
- ^ "Explosion on oil-tanker vessel in Sugandha river leaves 1 dead, 7 burnt". The Business Standard. 12 November 2021. Retrieved 4 January 2022.
- ^ "Death toll climbs to 6 in Jhalakathi oil tanker explosion". The Business Standard. 17 November 2021. Retrieved 4 January 2022.
- ^ "Now jet fuel price hiked". The Daily Star. 11 November 2021. Retrieved 4 January 2022.
- ^ "Depot Network". Padma Oil Company Limited. Archived from the original on 5 November 2018.