Bangladesh Petroleum Corporation's (BPC) has been given approval to import condensate, a mixture of light liquid hydrocarbons found as a byproduct of gas, for the refineries of the country.
The Energy and Mineral Resources Division issued a notification regarding the approval on Monday.
According to the notice, BPC will undertake plans for the import and will ensure supply of the imported condensate to the fractionation plants and refineries.
The corporation will fix rate of the imported condensate or crude oil, said the notice.
The government has taken the initiative to help resume the operations of 12 private plants that separate the liquid into individual products, such as diesel, petrol and octane.
The plants have remained closed due to a supply shortage of condensate from local gas fields and a High Court order on ensuring environment-friendly petroleum products.
As per the BPC Act -2016, the corporation is the lone state-owned company authorised to import refined and crude oil to meet the country's energy demand.
With all of its facilities, the BPC now has a storage capacity of around 13 lakh tonnes of petroleum.