The Energy Regulatory Commission Bill 2003 proposes the formation of an independent energy regulatory commission. While the government claims that the bill is a revolutionary step in reforming the energy sector, the opposition Awami League suspects a gas export plan.
Unocal has rejected Petrobangla’s compensation claim for the Magurchhara explosion. Unocal argues that the matter was resolved through the signing of a supplementary agreement, which allows Petrobangla an additional 5% share for gas discovered in certain blocks. Now the matter seems set to proceed to litigation.
An international consultant recently provided his eagerly awaited opinion on the continuing dispute between Petrobangla and Shell Oil.
National oil company Petrobangla is submitting a compensation claim of approximately $600 million to US oil company Unocal over the Magurchhara gas explosion of 1997.
The Privatization Commission has listed and endorsed 71 state owned enterprises that are available for private ownership. The commission's recent meeting also approved a draft policy indicating the course of future privatizations.
The Bangladesh Energy Companies Association brings together companies and other business entities that are involved in the extraction, transmission and distribution of natural gas, petroleum and related products, as well as the generation and distribution of electricity.
Bangladesh's newly elected government estimates that around $100 million could have been saved by its predecessor if certain public sector power projects had been properly negotiated. A thorough review will be underway soon.
New regulations have been introduced by the Securities and Exchange Commission according to which the commission will issue certificates for companies to perform depository business.
Recent acquisitions concern the Standard Chartered Bank, Scotia Bank and the country's first locally owned private fuel company.
The government has declared its willingness to begin exporting natural gas and is reviewing its existing policy for small power plants.