Mobil Jamuna Lubricants Bangladesh (MJLBD) is set to buy an oil tanker and acquire land to expand its operational footprint after the company's board of directors approved the purchase of a second-hand Aframax oil tanker for $45.3 million.
An Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 metric tonnes. The term is based on the Average Freight Rate Assessment.
With a capacity of carrying 115,690 tonnes, the 12-year-old vessel MT Nissos Delos will replace the aging MT Omera Legacy, according to a disclosure on the Dhaka Stock Exchange (DSE) website.
In a separate filing on the DSE website, MJLBD revealed plans to acquire a 209-decimal industrial plot in Shajahanpur, Bogura, for future expansion.
The land, valued at Tk 18.81 crore, will be purchased through a tender process facilitated by Agrani Bank.
MJLBD, a joint venture between East Coast Group's EC Securities and state-owned Jamuna Oil Company, has been a prominent company in high-quality lubricant blending in Bangladesh since its inception in 1998.
The company commissioned the country's first Lube Oil Blending Plant in May 2003, positioning itself as a pioneer in the regional lubricant industry, according to its website.
