Bangladesh Petroleum Corporation was established by Government of the People’s Republic of Bangladesh under Ordinance No LXXXVIII of 1976. It started operations on 1st January, 1977.
The affairs of the corporation are run by a Board of Directors composed of a Chairman and five Directors, two of whom are ex-officio. One being a joint Secretary of the Ministry of Energy and Mineral Resources and the other joint Secretary of Ministry of Finance. Subject to guidelines received from the Government particularly the administrative ministry viz ministry of Energy and Mineral Resources on questions of policy the Board in the discharge of its functions acts on commercial considerations having due regard to public interest.
The functions of the Corporation are among others :
| (i) | Import and collect Crude Petroleum and refining and distribution; |
| (ii) | Import and distribution of finished Petroleum Products; |
| (iii) | Import and processing Lubricants and distribution; |
| (iv) | Supervision, Co-ordination and Control of all other
enterprises engaged in Petroleum processing, refining of marketing operations in the country; |
| (v) | Export of Petroleum products; |
| (vi) | Establishment and expansion of Petroleum products marketing facilities; |
| (vii) | Procurement of inland oil tankers and |
| (viii) | Development and expansion of refining facilities and ancillary industries. |
The head office of the corporation is located at B.S.C Bhaban, Saltgola Road, Chittagong-4100 and its liaison office is located at YMCA building, 1/1 Pioneer Road, Kakrail, Dhaka-1000.