Bangabandhu ensured security of energy sector



Special Correspondent, Bartatwentyfour.com
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Dhaka: August 9 is a historical day in the annals of Bangladesh’s Energy sector because on that day the Father of the Nation Bangabandhu Sheikh Mujibur Rahman took such surprising decision on energy sector that stunned many energy experts. The tragedy is that Bangabndhu took this historical decision just six days before his death.

On August 9, 1975 Bangabandhu purchased five gas fields(Titas, Bakhrabad, Hobiganj, Rashidpur and Kailashtila) from the foreign companies at a throw away price. The price was fixed at 4.5 million pound. On that historical decision the present energy sector is standing.  Simultaneously Bangladeshpurchased all the shares of Shell Oil lying with Titas Gas Transmission and Distribution Company. The contract was signed in a way that the whole price would be paid in 36 installments spreading in 18 years. Many considered it as throwaway price. Because the actual price was much higher than the purchased price. The Shell Oil almost became fooled at the tactical wisdom of Bangabandhu.

At that time the total gas reserve in those gas fields was 13.335 TCF.   According to estimate till 2010 June 6.52 Trillion Cubic Feet (TCF) gas was extracted that help earning Taka  79 thousand crore. The price of total gas is Taka 1.5 lakh crore. State Minister for Power, Energy and Mineral Resources Nasrul Hamid thinks that due to that historical decision of purchasing the five gas fields is still helping Bangladesh to supply gas at a low price in present days. 

Due to that 9th August is considered as the turning point of the country’s energy sector. Since 2010 to memorize that day ‘National Energy Security Day’ is being observed on 9th August. As the past years the Energy Ministry has taken up several programs.

The program includes sending of  SMS to the consumers to use energy related ingredients more rationally, holing discussion meeting and special seminars, decorating the selected road islands, special souvenirs publishing. Directives were given to observe the day at district levels.

The government of Bangabandhu also implemented many important decisions. Government took the management of Sylhet and Chattak gas fields as those were enemy property and promulgated Petroleum ordinance.

Petrobangla was formed to mange and evaluate the whole matters of Petroleum operations. Similarly Bangbandhu established Bangladesh Mineral Exploration and Development Corporation to explore and extract all mineral resources including coal.  

The two chairmen posts of the corporations were upgraded to secretary status. Bangabandhu introduced Production Sharing Contract (PSC)system by abolishing the concession system.  He signed deals with five foreign companies for exploring oil-gas in the coastal areas.  

The Geological survey directorate was reorganized bringing dynamism. The Petrobangla officials were sent for training in Algeria, Indonesia, India and Soviet Union and in other East European countries for appointing consultants and evaluation of Economic- Technical aspects of the MadhyaPara hard rock project.

This only example is sufficient to prove that Bangabandhu was a far sighted leader. Due to his historical decision of that day the nation is still in comfort. 

   

A remittance of 141 crore dollars came in 22 days



Staff Correspondent, Barta24.com, Dhaka
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In the first 22 days of this month of March, expatriates sent remittances of 141 crore 44 lakh dollars through legal channels and banking channels. According to this, an average of 6 crore 43 lakh dollars of remittances came to the country every day.

This information was revealed in the updated report of Bangladesh Bank on Sunday (March 24).

A review of the data showed that expatriates sent 141 crore 44 lakh 50 thousand dollars to the banks on the 22nd day of March. Of this, 18 crore 24 lakh 60 thousand dollars came through the state-owned banks.

Besides, 2 crore 15 lakh dollars came through specialized banks, 120 crore 47 lakh 80 thousand dollars through private banks and 57 lakh 10 thousand dollars through foreign sector banks.

According to the Central Bank, from March 16 to 22, expatriates sent 39 crore 54 lakh 70 thousand dollars to the country. From March 9 to 15, remittances of 50 crore 60 lakh 70 thousand dollars have arrived in the country. Besides, 51 crore 29 lakh 10 thousand dollars came from 1 to 8 March.

And last February, 216 crore 60 lakh dollars remittances came to the country which is the highest in the current financial year. 

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Market system must be freed from influence of invisible hand: FBCCI



Staff Correspondent, Barta24.com, Dhaka
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Business leaders have called for the supply chain to be freed from the influence of the invisible hand to stabilize commodity markets.

They agreed on this in the price monitoring committee coordination meeting of FBCCI at the FBCCI office in Motijheel on Sunday (March 24).

The meeting was presided over by FBCCI senior vice-president Md. Amin Helali. He said that common people often make harsh comments about the prices of goods. But most traders want to conduct their business transparently. All of us are getting a bad name because of a few people. It is important to get out of this situation. He commented that an ideal businessman can never become a black marketer.

The senior vice president of FBCCI Amin Helali urged the market committees to record the problems and obstacles in each market of the capital and submit them to FBCCI. He said that FBCCI will discuss the problems of traders at the highest level of the government.

Warning against traders who destabilize the supply chain, the FBCCI senior vice-president said that the supply chain must first be freed from the influence of the invisible hand to keep commodity prices within the reach of the masses. We will actively work to stop visible and invisible extortion in the markets.

The meeting was attended by retailers and wholesalers from different areas of the capital. At this time, vendors of different markets of the capital said that vendors with permanent licenses are not responsible for destabilizing the market. They also claim that those who buy and sell goods on the sidewalk or road by subsidizing various quarters are responsible for destabilizing the market.

Permanent licensed peddlers complain that when trucks loaded with goods enter the markets of Dhaka at night - the goods are exchanged 2 to 3 times while in the vehicle and the price increases. In this case, floating traders are largely responsible, but the government's market control agencies raid, jail and fine the permanent traders. And the temporary or floating traders disappear before the light of day. As a result, in all cases, the permanently licensed hawkers have to suffer the punishment.

It was informed in the meeting that the price monitoring committee of FBCCI will go to different markets of the capital and meet with the market committees in the next few weeks. At this time, Amin Helali urged the market committees to collectively move forward to solve the problem.

The meeting was attended by FBCCI director Hafez Haji Haroon-or-Rashid, Hafez Haji Mohammad Enayet Ullah, Azizul Haque, Kausar Ahmed, Md. Niaz Ali Chisti, Haji Alauddin, Md. Abul Hashem, Price Monitoring Committee members, market committee leaders and business leaders.

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Exim and Padma Bank are merging



Staff Correspondent, Barta24.com, Dhaka
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Private Padma Bank is going to merge with Exim Bank. In the meantime, Bangladesh Bank has also been informed about the merger of the two banks.

This decision was taken unanimously in the board meeting of Exim Bank on Thursday (March 14).

Chairman of Exim Bank Nazrul Islam Mazumder confirmed this to the media.

According to a director of Exim Bank, a decision has been taken to merge private Padma Bank with Exim Bank. Soon it will be sent to Bangladesh Bank for permission. It will come into force after the approval of the regulatory body.

The same information was also known from a related official of Padma Bank.

Earlier, Bangladesh Bank had said that weak banks would be allowed to voluntarily merge by December. Failing this, a final decision on them will be taken in March.

Recently, Bangladesh Bank published the Banks Health Index (BHI) and Heat Map. According to that report, Padma Bank is in the red zone and Exim Bank is in the yellow zone.

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Signing agreement of Global Islami Bank Plc with Bangladesh Bank



Staff Correspondent, Barta24.com, Dhaka
Signing agreement of Global Islami Bank Plc with Bangladesh Bank

Signing agreement of Global Islami Bank Plc with Bangladesh Bank

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Two agreements have been signed between Global Islami Bank PLC and Credit Guarantee Department of Bangladesh Bank. The agreement was signed to provide credit guarantee facilities to women entrepreneurs and the agricultural products processing sector with the aim of achieving the desired expansion of small scale industries, job creation and economic growth.

The agreement was signed on Tuesday (March 12) at Jahangir Alam Conference Hall of Bangladesh Bank, Head Office.

Under these two agreements, Global Islami Bank will be able to make unsecured investments in women entrepreneurs and agricultural products processing sector by taking the credit guarantee facility of Bangladesh Bank.

In the presence of Bangladesh Bank Deputy Governor Noorun Nahar and Executive Director Mohammad Jamal Uddin, Managing Director Syed Habib Hasnat on behalf of Global Islami Bank and Nahid Rahman, Director of Credit Guarantee Department on behalf of Bangladesh Bank signed the agreement. Global Islami Bank's Executive Vice President and Head of Investment Division SM Mizanur Rahman was also present on the occasion.

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