Bangladesh seeks US waiver to import Russian diesel as energy crisis deepens

Bangladesh has approached the U.S. seeking a temporary sanctions waiver to allow import of Russian diesel, officials said on Monday, as Middle East turmoil disrupts global energy markets and strains fuel supplies.

Dhaka has requested a waiver similar to the one granted to India, proposing imports of up to 600,000 metric tons of Russian diesel, energy ministry officials said.

“The letter was submitted ... we are now awaiting a response,” said Monir Hossain Chowdhury, a joint secretary at the Energy and Mineral Resources Department.

The nation of 175 million relies on imports for about 95 per cent of its energy needs, and state-run agencies have increasingly turned to the volatile market to plug the gap. The government has been rationing fuel, though the restrictions were eased for the Eid al-Fitr festival.

“We are trying to buy from anywhere, including the U.S., Russia, Uzbekistan, Kazakhstan, Angola and Australia,” Chowdhury said.

Bangladesh is also boosting imports from existing partners. The Bangladesh Petroleum Corporation is set to import 40,000 metric tonnes of diesel from India’s Numaligarh Refinery Limited in April, nearly double the volume received in March, a senior BPC official said.

The country is also seeking more than $2.5 billion in external financing to support fuel and liquefied natural gas imports, as it grapples with rising energy costs and mounting pressure on foreign exchange reserves amid a volatile global market.

Source: Reuters

-- Agencies