State-owned Indian Oil Corporation (IOC) will not export 120,000 tons of fuel to Bangladesh as it does not have adequate stock for supply to any country, Bangladesh Petroleum Corporation (BPC) said here Friday.
BPC Director for Operation Syed Mozammel Hoque said Bangladesh signed a contract with IOC in January this year for importing at least 120,000 tons of fuel.
Under the contract, the first shipment of 10,000 tons of diesel was scheduled for arrival at the end of March or early April through river route.
Hoque said the IOC sent a letter recently stating that it would not be possible on its part to export fuel to Bangladesh for the time being as it itself is importing oil to meet demand in India.
IOC exported 200,000 tons of fuel to Bangladesh in 2005 and the same quantity in 2006 through sea route. The IOC did not export fuel to Bangladesh in 2007, but it had proposed to make future shipment through river route.
Source: Xinhua
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