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Examine possibility of buying Russian crude, PM asks authorities

If India can buy, why can’t we, she says

Published : Wednesday, 17 August, 2022 at 12:00 AM  Count : 714

Prime Minister Sheikh Hasina has directed the authorities concerned to examine the possibility of buying fuel oil from Russia for meeting the country's ongoing energy crisis.
"Prime Minister has said that if India can buy (fuel from Russia), why can't we?"  Planning Minister MA Mannan said quoting the Primer on Tuesday (August 16,2022) while talking to journalists following the Executive Committee of the National Economic Council (ECNEC) meeting at his office.
"Mentioning that neighbouring India is importing oil from Russia with non-dollar payment, the premier has asked ministries to find a way for importing oil from Russia with own currency," Planning Minister MA Mannan told the media.
The prime minister asked the authority to purchase fuel from Russia as we want to get respite from the unbearable situation, people are facing serious crisis, inflation is increasing�now we don't have any way to stop purchase of low cost fuel, the Planning Minister added.
"PM Sheikh Hasina also said she fully understands the sufferings of the people caused by the recent hike in fuel oil prices and power rationing, and assured that the government would surely adjust fuel prices once they drop in the international market," he added.
The Russian government has send a proposal to Bangladesh in June where it expressed to sell its crude oil to Bangladesh.  
The low price of Russia's oil -- spot differentials are about $40 to $29 less per barrel compared with the global price. The price is well below competing barrels from the Middle East, Africa, Europe and the United States.
India's purchases of Russian crude have soared since the conflict's start, rising from nothing in December and January to about 300,000 barrels a day
in March and 700,000 a day in April and continues to be so every month until now.
Recently Sri Lanka, facing an acute fuel shortage, took delivery of a consignment of Russian oil to restart operations at the country's only refinery. Lanka has taken delivery of nearly $73 million worth Russian oil to help restart the island country's only oil refinery. Colombo is in further talks with Moscow on additional direct shipments of crude oil besides coal, diesel, and gasoline.
Bangladesh first disclosed its attempt to procure fuel from Russia in the June last week when Foreign minister Dr Ak Abdul Momen sought advice from his Indian counterpart Joyshanker during a meeting at Assam in June.
But State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Bangladesh is reviewing a Russian proposal as our refinery is not ready to refine the Russine crude, he said.
But experts said as the United States, Britain and some other key oil buyers banned imports of Russian oil shortly after the invasion of Ukraine, so it was a challenging decision for Bangladesh to buy it.
"Russia has offered to sell oil and wheat to us, but we can't do it out of fears of sanctions. We asked [India] how they did it [import oil from Russia]. They [India] said they have found some ways," Foreign Minister Momen earlier.
"The USA now seems to be soft on the embargo it imposed on importing Russian oil as we see Germany and India are importing oil from Russia. We hope there will be no problem if we import too," said State Minister for Planning Shamsul Alam.
Last week government announced that it is going to procure wheat from Russia�and today it asked the authority to scrutinize the Russian proposal for fuel sale.











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