Jamuna Oil Company

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Jamuna Oil Company LTD (JOCL)
Type Public (DSE:JOCL)
Industry Petroleum
Founded 1964
Headquarters Chittagong, Bangladesh
Area served National
Products Oil
Petrol
Octane
Diesel
Kerosene
Revenue Increase BDT 489.4 million (2011)
Operating income Increase BDT 179.3 million (2011)
Net income Increase BDT 128.7 million (2011)
Employees 591 (2005)
Website jamunaoil.gov.bd

Jamuna Oil Company LTD (JOCL) (DSE:JOCL) is a subsidiary of the Bangladesh Petroleum Corporation that nationally markets Octane, Petrol, Diesel, Kerosene, Furnace Oil, Bitumen and Lubricants in Bangladesh. Originally named Pakistan National Oils in 1964 before the Independence of Bangladesh, The Company was renamed as Bangladesh National Oils (BNO) by an Ordinance of 1972 by the Government of Bangladesh. In 1975, it was renamed Jamuna Oil Company (JOCL) after the river Jamuna. It is headquartered in Chittagong, Bangladesh.[1]

History[edit]

The company's head office on Sheikh Mujib Road, Agrabad, Chittagong.

In 1964 Pakistan National Oil Limited (PNOL), the maiden National oil company of the then Pakistan was established as a private limited company. The company started functioning with an authorized capital of Tk.2.00 crore. After the Independence of Bangladesh in 1971 the Government of the Peoples Republic of Bangladesh acquired the assets and liabilities of Pakistan National Oil Limited by virtue of Bangladesh Abandoned Property (control, Management & Disposal) Order, 1972 (P. O. No. 16 of 1972) and the Company was renamed as Bangladesh National Oil Limited. The Company has been finally renamed as Jamuna Oil Company Limited (JOCL) by the Government on 13 January 1973. At that time the company was operated by an adhoc committee called Oil Companies Advisory Committee (OCAC) under Petrobangla, constitute by the notification No. 21 m-4/76 (NR) dated 21-4-73, M/O. Natural Resources.

Jamuna Oil Company Limited was registered with the registrar of Joint Stock Companies & Firms as fully Government owned Private Limited Company on 12 March 1975 under Companies Act 1913 with authorized capital of Tk. 10.00 crore and paid-up capital of Tk. 5.00 crore. Subsequently, in the year 1976 the assets and liabilities of the Company were transferred & handed over to Bangladesh Petroleum Corporation (BPC) as per schedule stated in clause 31(c) of BPC Ordinance No. LXXXVIII (published in Bangladesh Gazette extra ordinary on 13 November 1976). Since then Jamuna Oil Company Limited has been functioning as a Subsidiary of BPC. On 1 January 1986 all assets and liabilities of Indo-Burmah Petroleum Company Limited (IBPCL) were transferred to the Company.

In 2005-2006 FY the paid-up capital of the company was increased to Tk. 10.00 crore from Tk. 5.00 crore by issuing of bonus share out of its profit. The company was converted into a Public Limited Company from a Private Limited Company on 25 June 2007 and its authorized capital was increased to Tk. 300.00 crore. On 10 August 2007 the paid-up capital of the company was increased to Tk.45.00 crore by issuing bonus share of Tk. 35.00 crore. The company was enlisted with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited on 9 January 2008 with a view to off-load 1.35 crore shares of Tk.10.00 each under direct listing procedure and accordingly the shares of the company were off-loaded in the capital market.[2]

Organization and structure[edit]

Jamuna Oil is managed by a Board of Directors, a team of 6 executives, all of them are nominated by the Government of Bangladesh.[3]

The board is responsible for over all decisions and top policy making body of the Company. General Manager, the Chief Executive of the Company is appointed by Bangladesh Petroleum Corporation in addition to approval by the Government.

In recent times, the board has added 2 more directors who are all nominated by the National Government.

Operations[edit]

335 filling stations, 573 Distributors Point and 153 Packed Paint Dealers. Besides, the Company delivers products directly to industries and Power Plants. Apart from that, Company has 732 Liquefied petroleum gas dealers and 83 pesticide dealers. Company gets supply of LPG from LP Gas Limited, Chittagong and Kailashtila Project, Sylhet. The present employee strength of the Company is 591 which include 176 officers, 123 staff and 292 workers.[4]

References[edit]

External links[edit]