Four local cos look to form JV with BSC

Four local private companies have expressed their interest to form joint venture (JV) company with the Bangladesh Shipping Corporation (BSC) to buy or charter mother vessels for carrying crude oil, officials said.
They submitted proposals to the BSC as the Corporation invited expression of interest (EoI) from national investors/bidders for operating (through chartering or procurement) of mother tankers to carry oil for the Bangladesh Petroleum Corporation (BPC), they added.
The ministry of shipping (MoS) this week formed a six-member committee, led by BSC managing director H R Bhuiyan to evaluate the proposals. The committee has been asked to scrutinise those in line with the Public Procurement Rules-2008.
Officials said Saif Powertec, Fazle Shipping Lines, and East Coast Shipping Lines are among the companies which expressed their interest to partner with BSC.
Contacted over phone, Mr Bhuiyan told the FE an inter-ministerial committee will evaluate the proposals submitted to the BSC for partnership.
"We have worked out a plan. Now we will see how befitting the proposals are with the plan. Whether the BSC will be a beneficiary (from the partnership) is of ultimate importance to us," he said.     
 He said the BSC will go for joint venture only after it finds the partnership bringing benefit for the Corporation.
Mr Bhuiyan said the Corporation is now badly in need of vessels.  
Earlier, Saif Powertec, a terminal operator at Chittagong port, first expressed its interest to go for a joint venture to buy or charter vessels for carrying crude oil.
Following this, the BSC sought permission of the MoS to start negotiation with the company. Then the BSC invited EoI to find whether other companies were interested for partnership with it, officials said.
The BSC, having only a few age-old ships, invited private sector companies two years back to go for joint venture to get vessels for carrying out its tasks. But none came forward for a tie-up with the Corporation for the same.
Officials said presently the Corporation only gets commission for chartering vessels for carrying oil for the BPC. If the proposed JV company can buy vessels or charter vessels for transportation of crude oil, it will bring good profits for the Corporation.
Presently, the BSC carries crude oil by chartering foreign vessels as it has no mother oil tanker in its fleet to do it.
The BPC annually imports 1.3 million tonnes of crude oil from two Middle Eastern oil companies Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates and Saudi Arabian oil company Aramco.  
Presently, the BSC has a mixed fleet of five vessels having carrying capacity of nearly 0.076 million tonnes. The fleet comprises one container vessel, two multipurpose cargo vessels and two lighterage tankers.
Established in 1972, the BSC is entrusted with the responsibility of carrying bulk cargo, food grain and crude oil, chartering, tramping and feeder services, unloading and providing agency service and ship repairing.
    syful-islam@outlook.com