Bangladesh’s Beximco purchases first LPG carrier

Beximco Petroleum has purchased a liquefied petroleum gas (LPG) carrier, the first in Bangladesh, the company has revealed in a statement.

With a capacity of 2,700 MT, Bexpetro 1 will be flying the national flag on international waters. It will be the first Bangladeshi ship to directly procure LPG at source.

Bexpetro 1 is expected to arrive in Bangladesh with its first shipment of LPG by the first week of December.

“This marks a major milestone not only for LPG operators in Bangladesh but also for the nation at large as this paves the way for a more cost-effective and efficient LPG supply chain,” said the statement.

With two more vessels of similar capacity already in the pipeline, this is a stepping stone for Beximco Petroleum’s strategic vision of becoming the country’s premier LPG operator, it added.

Beximco Group is the largest private sector group in Bangladesh and was founded in the 1970’s by two brothers – Ahmed Sohail Fasiur Rahman and Salman Fazlur Rahman. Since then, the group has evolved from being primarily a commodities trading company to a leading, diversified group with a presence in industry sectors that account for nearly 75% of Bangladesh’s GDP.

It now has operations and investments across a wide range of industries including textiles, trading, marine food, real estate development, hospitality, construction, information and communication technologies, media, ceramics, aviation, pharmaceuticals, financial services and energy. It sells its products and services in the domestic Bangladesh market as well as international markets.

The group has a combined market capitalization of approximately $617.34m and had total revenues of $834m in the year ended December 31, 2010.