The US Department of the Treasury is examining Bangladesh’s proposal on waiving embargo on importing Russian oil as the war in the middle-east deepens energy crisis, sources in Dhaka and Washington said, a press release said.
Foreign Minister Dr Khalilur Rahman in a meeting with US Energy Secretary Chris Wright at the Department of Energy in Washington D.C. recently has requested the United States to grant Bangladesh a special waiver to import refined diesel and other petroleum products from Russian sources to ease energy pressures.
Last week the US Department of Energy sent the matter to the treasury department of the USA government that is likely to give a decision this week or later, said a Bangladesh diplomat, working in Washington DC, told the Business standard Monday night.
During the talks, the foreign minister highlighted Bangladesh’s ongoing energy challenges stemming from global supply chain disruptions, particularly ahead of the critical planting season, and stressed the need to ensure uninterrupted fuel supply for farmers and safeguard food security.
Rahman explained that Bangladesh could not take advantage of the earlier limited world-wide waiver by the US on Russian oil at sea since none of the tankers were bound for Bangladesh at that time.
Besides, the two sides discussed the options to buy more refined oil out of Russian crude from third countries to meet immediate need.
US Energy Secretary Wright acknowledged the energy challenges Bangladesh is facing and expressed his country’s commitment to support Bangladesh during these difficult times to help ensure its energy security.
Meanwhile, Bangladesh is working closely with Russia to import petroleum products on government–to –government basis to overcome the energy crisis that deepens amid war, source said.
Bangladesh has requested the USA to consider the waiver until next three months considering the present situation.
Bangladesh Ambassador to Russia Md Nazrul Islam, also accredited to Kazakhstan, called on President of Kazakhstan, Kassym-Jomart Tokayev, at the latter’s office and discussed matters of mutual interest.
Md Nazrul Islam also held a meeting with Energy Minister of the Central Asian country Erlan Akkenzhenov and discussed the possibility of energy cooperation .
He is expected to meet Erlan Akkenzhenov again this month to discuss the matter of importing oil through government -to-government level.
Md Nazrul Islam will also meet with Belarus President Alexander Lukashenko this month and explore the potentials of energy cooperation with the CIS country.
The Bangladesh diplomat will also hold a meeting with Russian stakeholders in the energy sectors on importing Russian oil, said Bangladesh Ambassador to Russia Md Nazrul Islam while talking to this correspondent.
Energy expert Professor Dr Ijaz Hossain said that the government should step in cutting consumption of petroleum products by 20 per cent to cushion the impact of the energy crisis. He said the government can save energy by increasing weekly holidays to three days in a week and improving traffic management. The shorter office hours will not be effective. The energy consumption will hardly come down, if an establishment remains open. The burning of energy on the street same, if weekly holidays are not increased, he said
The Eastern Refinery usually uses crude oil that Saudi Arabia and Kuwait exports to Bangladesh. He said Russia will have to offer special light crude oil to Bangladesh as per specification of the existing refinery.
