Eastern Refinery Limited, a subsidiary of Bangladesh Petroleum Corporation was incorporated under Companies’ Act 1913 (amended in 1994) as a Public Limited Company in 1963 with 35% EPIDC’s (East Pakistan Industrial Development Corporation) shares, 30% shares held by Burmah Oil Company (BOC) and the rest 35% by private entrepreneurs. From November, 1985, Bangladesh Petroleum Corporation (BPC) became the 100% shareholder of the company.
ERL plays a vital role in supplying around 40% of the country’s current petroleum products’ demand and thus maintains stability in the Petroleum Products’ market of the country. ERL sometimes becomes the only fall back system available, to avoid products crisis in case of disruption of products’ import.
A Board of Directors appointed by the Government (of which Managing Director of ERL is one of the Directors), manages the company. The Managing Director is the Chief Executive Officer (CEO) of ERL. ERL as a profitable company in the Public Sector contributes substantially to the national exchequer in the form of dividend, taxes, VAT etc.
ERL produces 16 petroleum products including a few non-fuel products, namely, SBP, JBO, MTT, BITUMEN. Some of these products are produced only on demand.More