Meghna Petroleum, a state-run listed company, 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 plan to sell LPG.
Under the agreement, the state-run company will sell these companies' LPG by setting up LPG (autogas) refuelling station and liquefied petroleum gas conversion workshop parallel to the sale of petroleum oil through the company's registered filling station across the country.
Liquefied petroleum gas (LPG) is called autogas when it is used for motor vehicles as fuel. Such autogas is considered to be energy efficient and environmental-friendly.
The Meghna Petroleum will receive a 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, listed on the Dhaka bourse in 2007, closed at Tk 199.30 on Sunday, losing 1.23 per cent over the previous day.
Its share 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 state-run Padma Oil Company and Jamuna Oil Company also signed agreements with Omera Gas One Ltd to sell LPG by establishing LPG refuelling station parallel to the sale of petroleum oil through their registered filling stations as part of business expansion plan, according to separate disclosures on Sunday.
Recently, Padma Oil, a subsidiary of Bangladesh Petroleum Corporation (BPC), also joined hands with Energypac Power Generation and Beximco LPG Unit-1 to sell LPG by establishing LPG (Autogas) refuelling station as part of its business expansion plan.
© 2024 - All Rights with The Financial Express
