in the chair. �We would require Tk 4721 crore to meet immediate cash need for importing fuel and recently the Finance Division has released Tk 600 crore,� BPC Chairman Eunusur Rahman told daily sun. During the meeting, BPC official said, it is not possible for the corporation to pay cargo LC rates, repay loans of Islamic Trade and Finance Corporation (ITFC) and also syndicated banks loans unless the government pays Tk 4721.73 crore on immediate basis. If the government does not release the fund immediately, then the BPC would have to borrow funds from three state-owned commercial banks at 15-16 percent of interest rates. BPC officials requested the state minister to withdraw bar on IMF loan ceiling if the government fails to provide the required fund. The meeting was also informed that the BPC is yet to get Tk 8053.28 crore fund that it had to bear as subsidy for selling imported petroleum fuels during the years between 1999 and 2013. The meeting also said the BPC received Tk 2477.60 crore from the government as subsidy during last fiscal year but it deposited Tk 4000 crore as tax and Vat to the national exchequer. The BPC would require $2364.50 million to import total 27.20 lakh tonnes of petroleum fuels required for the next six months, a BPC official informed. Besides, another fund worth $1080.01 million would be required to repay loans received from the ITFC under a deferred payment support facility and also another loans through syndication of banks, he said. �The BPC at present suffers a shortage of Tk 4721.73 crore as it needs total $3444.51 million to repay loans and make payments to petroleum fuel suppliers for ensuring uninterrupted fuel supply for power plants,� the official informed the ministry. The corporation expects it would be able to arrange total $2100 million fund support as loan from ITFC and availing deferred payment facility from four fuel suppliers. The BPC borrows short-term loan from different sources to import petroleum fuels, he said. The ITFC, an enterprise of the Islamic Development Board (IDB), would provide $1200 million. The proposal to avail the loan has already been approved by the government�s standing committee on non concession loan, an inter-ministerial committee headed by the finance minister, on May 18, 2014. In the coming fiscal, the BPC would also avail $900 million deferred payment facility from four suppliers - $300 million from PETCO-Malaysia, $250 million from PETRO-China, $200 million from PNOC-EC and $150 million from UNIPEC-Singapore for 150 days with 3.78 percent interest rate annually, he added. The BPC has requested the standing committee on non concession loan to allow it to seek the $900 million deferred payment facility from the fuel suppliers, he said.
Tuesday, October 21, 2014
BPC seeks Tk 4722cr to make up fuel cost deficit:Daily Sun
in the chair. �We would require Tk 4721 crore to meet immediate cash need for importing fuel and recently the Finance Division has released Tk 600 crore,� BPC Chairman Eunusur Rahman told daily sun. During the meeting, BPC official said, it is not possible for the corporation to pay cargo LC rates, repay loans of Islamic Trade and Finance Corporation (ITFC) and also syndicated banks loans unless the government pays Tk 4721.73 crore on immediate basis. If the government does not release the fund immediately, then the BPC would have to borrow funds from three state-owned commercial banks at 15-16 percent of interest rates. BPC officials requested the state minister to withdraw bar on IMF loan ceiling if the government fails to provide the required fund. The meeting was also informed that the BPC is yet to get Tk 8053.28 crore fund that it had to bear as subsidy for selling imported petroleum fuels during the years between 1999 and 2013. The meeting also said the BPC received Tk 2477.60 crore from the government as subsidy during last fiscal year but it deposited Tk 4000 crore as tax and Vat to the national exchequer. The BPC would require $2364.50 million to import total 27.20 lakh tonnes of petroleum fuels required for the next six months, a BPC official informed. Besides, another fund worth $1080.01 million would be required to repay loans received from the ITFC under a deferred payment support facility and also another loans through syndication of banks, he said. �The BPC at present suffers a shortage of Tk 4721.73 crore as it needs total $3444.51 million to repay loans and make payments to petroleum fuel suppliers for ensuring uninterrupted fuel supply for power plants,� the official informed the ministry. The corporation expects it would be able to arrange total $2100 million fund support as loan from ITFC and availing deferred payment facility from four fuel suppliers. The BPC borrows short-term loan from different sources to import petroleum fuels, he said. The ITFC, an enterprise of the Islamic Development Board (IDB), would provide $1200 million. The proposal to avail the loan has already been approved by the government�s standing committee on non concession loan, an inter-ministerial committee headed by the finance minister, on May 18, 2014. In the coming fiscal, the BPC would also avail $900 million deferred payment facility from four suppliers - $300 million from PETCO-Malaysia, $250 million from PETRO-China, $200 million from PNOC-EC and $150 million from UNIPEC-Singapore for 150 days with 3.78 percent interest rate annually, he added. The BPC has requested the standing committee on non concession loan to allow it to seek the $900 million deferred payment facility from the fuel suppliers, he said.
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