The New Nation - Internet Edition

Staff Reporter

The proven gas reserve in Bangladesh is 15.189 TCF, which is likely to exhaust by 2011, according to Bangladesh Economic Survey and the experts. Till date, the cumulative production being 6.793 TCF, the gas in hand stands at 8.396 TCF.

In the country, there are 67 wells in 16 fields at present. These are Titas Gas Field having 16 wells followed by Habiganj with nine, Rashidpur seven, Sangu six, Bakharabad, Moulvi Bazar and Jalalabad four each, Kailastika and Feni three each, Sylhet Beani Bazar and Fenchuganj two each, Salda River two while Narshingdi, Bangura and Meghna one each. The Begumganj, Samutang, Shahbazpur and Bibiana gas fields are not in operation at the moment while the operation at Chhatak and Kanta are under suspension. The sector-wise demand of gas was as under:

Power plants used 247.80 BCF of gas during the fiscal year of 2006-07 followed by fertiliser factories 98.91 BCF, industries 76.99 BCF and residential houses 65.41 BCF. The estimated use of gas in the FY 2007-08: Power plants 268.30 BCF, fertiliser factories 107.30 BCF, industries 86.00 BCF and residential houses 72 BCF while during the FY 2008-09 the probable use of gas in these four sectors are taken to be 291.60 BCF, 136.50 BCF, 112.50 BCF and 79.10 BCF respectively.

The experts are of the opinion if no substitute energy is explored in Bangladesh, a large number of the power plants, the fertiliser factories, the industries, gas stations and the residential houses will be automatically shut down, resulting in the great disaster for the country's economic development. The proven and the probable gas reserve are taken to be 13.6 TCF, which too is likely to be exhausted by 2015. In this regard, it may be said that between the years 1991 and 1996 eight gas fields were leased to the foreign companies, overlooking the working capacities of BAPEX. The tragedy continued when six more were leased to the foreign companies between the years 1996 and 2001. Even one company, which had no past experience, was one of these fortunate foreign companies. According to the available reports, BAPEX has achieved 50 percent success in digging wells so far whereas the foreign companies have scored 10 percent only.

In his backdrop, the experts further opine that the ministry of power and energy must find out the substitute of' the gas to keep the country's economy on run. They further say that Bangladesh cannot accede to any guarantee clause of supplying gas to any foreign company in lieu of investment of any amount when the future of its own industries might be in danger from or after 2011.

Business Desk

Itihad Airways of the United Arab Emirates has earned rare success in world flight arena. The company has already scooped double honours at the 14th annual World Travel Awards (WTAs), picking up accolades for 'world's leading flatbed seat' and 'world's leading travel television commercial'.

It is the second year in succession the Abu Dhabi-based airline has won the award for its fully flat-bed, available in both first and business class cabins. The award for the airline's TV advert is especially noteworthy since it represents the first international television commercial produced by Etihad.

Votes for the WTA ceremony, which took place at Beaches Turks and Caicos Resort and Spa, were taken from nearly 170,000 travel industry professionals from around the world, including more than 110,000 travel agents.

James Hogan, Etihad Airways' Chief Executive, said: "The business travel market remains amongst the most competitive in the world and for our flatbed to be recognised two years in succession as the industry's best highlights just what a quality product Etihad boasts.

Etihad Airways launched its first international TV commercial in May 2007. The commercial was screened in many of the airline's top international markets including Australia, the Middle East and Europe. It was filmed entirely in the UAE in a variety of locations including Abu Dhabi Airport and on board one of the airline's Airbus A340-500 aircraft.

The commercial was written by global advertising agency TBWA, and directed by Jim Wheedon from London-based Bare Films who has worked on several world-renowned projects including the movie smash hit 'Gladiator'.

The 30th AGM of Desh Garments Ltd. was held on Thursday in the auditorium of Hotel Razmoni Ishakha International, Dhaka. A large number of shareholders attended the meeting.

The meeting was presided over by the Chairman of the Board of Directors, Mrs. Rokeya Quader and conducted by the Company Secretary Habibur Rahman. The meeting started with recitation from the Holy Quran.

After detailed discussion, the Audited Accounts for the year ending 30th June, 2007 together with report of the Directors and Auditors thereon were passed unanimously. The meeting unanimously re-appointed the retiring director Miss Vidiya Amrit Khan as per Articles of Association of the Company.

M/s Zahir Ahmed and Co., Chartered Accountants, was appointed unanimously as Auditors of the Company for next financial year ending 30th June, 2008. Finally the Chairman thanked the attending Shareholder and ICB representative for their constructive suggestions and called the meeting to an end.

Business Desk

Titas Gas T & T Company Limited earned a pre-tax profit of taka 394.32 crore during the fiscal 2006-07 and declared dividend for taka 88.26 crore only. During this period, the company sold 11204.10 million cubic meters of gas and earned a revenue of taka 3840.77 crore compared with taka 3408.00 a year before, marking 12.70 percent growth.

All these achievements were disclosed in the 26th annual general Meeting held on the 26th December in a local five star hotel. Mohammad Mohsin, Secretary, Ministry of Energy and Mineral Resources, presided over the meeting.

Company Chairman Jalal Ahmad and Managing Director Mohammad Abdullah were present among others. It was also disclosed that an amount of taka 283.71 crore had been deposited in the State Treasury and spent taka 128.84 crore in local and foreign currency under development programme. And the company minimised the system loss by 1.21 percent to bring down it to 5.26 percent.

It was further said in the meeting that the company snapped illegal connections of 99 industrial bodies and 537 commercial enterprises.

And the company's authorised capital has been raised to taka 2000 crore from taka 350 crore under Direct Listing Procedure.

Sonali Bank Limited will disburse Tk 100 crore under special credit programme among the farmers and small traders in the devastating Sidr-hit areas. Meantime, the classified loans have been rescheduled for two years without any down payment and instead the bank is disbursing fresh loans to the intending farmers and small traders.

It is to be mentioned that the interest has been rebated for the period of six months for the rescheduled, existing and newly sanctioned loans. Besides, the credit programme will also be applicable to the people involved in income generating activities up to tk 50,000.00 without any collateral security.

Interested farmers and small traders are requested to contact with the local branch managers of Sonali Bank Limited.