To enhance the personal hygiene sector of the nation during coronavirus (COVID-19) pandemic, Berger Paints Bangladesh has expanded its business and launched Berger Mr. Expert Advanced hand sanitizer as per WHO recommended formulation.
In the absence of a vaccine or effective antiviral drugs, hand hygiene is a mainstay of efforts to prevent the spread of COVID-19. Handwashing is not always practical. So, alcohol-based hand sanitizers provide a quick, simple alternative. However, not all formulations are effective; thus, the World Health Organization (WHO) recommended two alcohol-based sanitizers formulations to prevent the spread of COVID-19.
Berger Paints Bangladesh is commercially producing its hand sanitizers by following the formulation of WHO, said a press release.
Berger Mr. Expert Advanced hand sanitizers are getting manufactured after the company has received all the necessary statutory approvals and permissions from the Department of Narcotics Control.
Additionally, the company has distributed hand sanitizers among its dealers and painters to boost personal hygiene and safety.
Berger Mr. Expert Advanced hand sanitizer will be liquid-based, with a pack size of 250ml, and will cost BDT 180.
IOC Middle East FZE, Dubai and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, on Tuesday signed an agreement for the formation of a 50:50 joint venture company for LPG business in Bangladesh.
IOC Middle East FZE, a wholly-owned subsidiary of Indian Oil Corporation, India’s largest refiner and marketer of petroleum products.
Dharmedra Pradhan, Minister for Petroleum and Natural Gas and Steel, India, who presided over the function, said that the agreement is a major milestone in the annals of India-Bangladesh cooperation when a group company of Indian Oil based in Dubai is joining hands with one of the most promising LPG companies in Bangladesh through its holding company in UAE for LPG business in Bangladesh.
The Minister expressed confidence that similar to the success of LPG penetration in rural India, the new joint venture in Bangladesh would be the catalyst of socio-economic change through greater penetration of affordable LPG in Bangladesh.
Speaking on the occasion, Sanjiv Singh, Chairman, IndianOil, said that IndianOil started with lubricants marketing in Bangladesh in 1999 and is today joining hands with a formidable partner in Bangladesh.
LPG market in Bangladesh has seen a five-fold growth in the past five years and is expected to grow at a CAGR of 12-13 percent.
The JVC will draw strength from the core competencies of IndianOil and the local expertise of Beximco, according to Indian High Commission in Dhaka.
As per the business plan, the JVC would begin functioning by taking over Beximco’s existing LPG assets.
Their desire is to set up a large LPG terminal at a deep-water port in Bangladesh, which would facilitate receipt of LPG in Very Large Gas Carriers, leading to reduction in cost of imports.
Reduction in cost of import would help make LPG available at an affordable price to the people of Bangladesh.
The JVC aspires to become the most trusted, admired and premiere LPG company in Bangladesh offering the safest, smartest and most convenient LPG solutions with best-in-class customer service.
JVC also intends to diversify into other downstream oil and gas businesses, for example lube blending Plant, LNG, Petrochemicals, LPG export to North East India through pipeline, renewable energy etc.
The agreement signing ceremony was broadcast here through video conferencing.
Besides, Nasrul Hamid, State Minister for Power, Energy and Mineral Resources of Bangladesh, Riva Ganguly Das, High Commissioner of India to Bangladesh were also present on the occasion.
Eric M. Walker has been appointed as the new President of Chevron Bangladesh.
He will replace Neil Menzies, who will be taking on a new position with the company in the United States, said a Chevron press release.
Prior to joining Chevron Bangladesh, Eric was the General Manager of Reservoir Management for Europe, Eurasia, and Middle East. In this role, he was based in London and responsible for Asset Development for Chevron’s interests in Kazakhstan, Azerbaijan, Europe, and Iraq. Before moving to London, he was based in Baku, Azerbaijan, where he held the position of Country Manager.
He began his Chevron career in 1987 as a petroleum engineer and has held numerous technical and management positions of increasing responsibility. Eric holds a Bachelor’s degree in Petroleum Engineering from Texas A&M University and a Master’s degree in Business Administration from the University of Louisiana.
Commenting on his appointment, Eric said: “I am excited to join the Bangladesh team and I look forward to building on our 25-year partnership with the Government of Bangladesh and Petrobangla.
“I am committed to deepening that relationship to support the nation’s energy needs today and into the future, while benefiting our local communities through our investment in education, health and economic development programs.”
Chevron operates and holds a 100 percent interest in two onshore PSCs in Bangladesh covering Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields).
PowerPac Economic Zone Private Limited signed a Land Lease Agreement (LLA) with Bashundhara Industrial Complex Limited (BICL) to provide 30 acres of land for a bag manufacturing plant at Mongla economic zone.
The LLA was signed between the PowerPac and the BICL at a function at the Sonargaon Hotel in the city on Sunday in presence of Mr Paban Chowdhury, Chairman of BEZA and All senior officials of Bangladesh Economic Zones Authority (BEZA), said a press release.
Sayem Sobhan Anvir, Managing Director, Bashundhara Group and John Haque Sikder, Group Director, PowerPac Economic Zone Pvt. Limited, signed the agreement while top officials of both sides were present in the event.
As per the agreement, the BICL has been allocated 16 acres of land at Mongla economic zone for setting up bag manufacturing plant to support their prevailing requirements. The plant will help increase employment opportunities as well as play a major role to improve the national economy.
PowerPac Economic Zone (Pvt.) Limited, a concern of Sikder Group, the first company that was awarded with a license for 50 years to Design, Build, Finance, Own, Operate and Transfer (DBFOOT) 205 acres land of Mongla Economic Zone, Bagerhat under Public Private Partnership (PPP) model with the support of Bangladesh Economic Zones Authority (BEZA).
Mongla Economic Zone is potentially the most lucrative economic zone in Bangladesh due to its strategic location within a 1-kilometre radius of Mongla Port, which is the second biggest seaport of the country. The proposed site for the planned Khan Jahan Ali Airport is located only 20 Kilometer away from the zone.
The completion of the Padma Bridge, flagship infrastructure project of the country’s first 50 years, will itself open up a number of options for time-efficient transportation through road and rail connecting the southwest part of Bangladesh. This will play a vital role to increase the demand of Mongla Economic Zone (M.E.Z.) as well as Mongla Port.
M.E.Z. is now fully developed for setting up factories. Various infrastructure development activities are going on there to the tune of over Tk300 crore.
The zone is legally considered to be a custom bonded area. As such, Ansar contingent is deployed for security and safety of the investors. Upcoming off-site infrastructures of the zone has included but not limited to Entrance Plaza, Place of Worship, Commercial Bank, Insurance Company, Admin building, Fire Station, Guest House, Investors Club, Service Apartment, Dormitory, Retail Stores, Warehouse, Customs, CETP, etc.
Almost a third of the total land under M.E.Z. has been identified as green and open spaces, making it an eco-friendly zone.
Good number of local investors like Bashundhara Group and foreign investors have shown interest for setting up various manufacturing plants within the M.E.Z.
PowerPac Economic Zone Pvt. Ltd. welcomes all local and foreign investors to invest at Mongla economic zone considering its strategic location and future business potentiality, said the press release.
The gold traders of Saudi Arabia are experiencing a spike in their business as investors go for the precious metal after the government’s announcement to introduce 15 percent VAT from July 1.
Yaseen Ali, a jeweler recently reopened gold souk in Diriyah, Riyadh, said that visitor numbers were almost back to pre-pandemic levels. “I wasn’t expecting this level of sales this week,” he said, reports Arab news.
“I believe both lifting the curfew as well as the increase of VAT to 15 percent (starting from July 1) played a role in moving the market,” Ali added.
The coronavirus pandemic has had a devastating impact on retailers worldwide and the jewelry sector has not been spared. Demand for gold jewelry plummeted 39 percent in the first quarter compared to a year earlier, according to the World Gold Council.
While demand for investment gold is strong as people turn to safe investments amid market volatility, the jewelry end of the business is more exposed to weaker consumer confidence as well as the absence of weddings and other celebrations associated with gold purchases.
Riyadh jeweler Ibrahim Awadh believes sales are still below pre-lockdown levels despite a marked improvement this week.
“Yes, we have witnessed excellent number of customers who visited the gold market this week, but the sales level is still below what we saw in the beginning of the year,” he said. “With the lifting of the curfew, we expect to see more wedding celebrations in coming weeks, which will boost sales of gold and jewelry, although the big wedding gatherings that exceed 50 people are still banned."
Saudi Arabia is tripling its VAT from July 1 in an effort to increase government revenues in response to the coronavirus pandemic and weaker oil prices. The looming deadline has boosted purchases for some big ticket retail items, including jewelry, which will cost people more from Wednesday.
Gold investors worldwide have stepped up purchases in recent weeks as fears of a second wave of the coronavirus in some large economies encourages purchases of both physical gold and exchange-traded funds that are focused on the precious metal.
Gold bullion has risen more than 1 percent this week, with prices at a near eight-year high of more than $1,779 on Wednesday. It has returned 22 percent in dollar terms in the year to the end of March.
“Gold has always been topical for investors in the Middle East,” said Alessio Cirillo, sales director at Invesco EMEA.
“Most investors buy gold as a hedge against inflation and high economic uncertainty, with some investors looking for asset appreciation. Globally, gold exchange- traded funds are recording record inflows as investors sought out liquid investment products to gain exposure to gold.”