Omera Petroleum, IFC sign $20mn investment deal

International Finance Corporation (IFC), a subsidiary of the World Bank, has signed an investment agreement with Omera Petroleum to provide $20 million in loan assistance, according to a press release.

Country Head (Current Responsibilities) Nuzhat Anwar on behalf of IFC and Akhtar Hossain Sannamat FCA on behalf of Omera signed the agreement on Tuesday.

The IFC will provide financial assistance to Omera Petroleum to address the challenges posed by Covid-19, adds the press release.

It's the second time for IFC to render the loan facility to Omera Petroleum - the largest company in Bangladesh considering its investment, storage and filling capacity.

Omera will use the fund to repay LPG import loans.

This investment of IFC is very significant for Omera, which will play an important role in keeping the company's production and sales activities operational.

"Our relationship and partnership with the IFC is very strong. And we are always committed to fulfilling the social and environmental responsibilities of the IFC," said Akhtar Hossain Sannamat FCA, Chief Financial Officer of Omera LPG.

The IFC loan will help to increase supply capacity and this will ensure its easy availability across the country, especially in remote areas, he added, through the press release.

"Moreover, the IFC loan will double the capacity of LPG supply and ensure its availability in almost every upazila," said Akhtar Hossain.

It is mentionable that Omera LPG is a subsidiary of MJL Bangladesh Ltd. Omera started operations in 2015 in a joint venture with FMO and the largest LPG company BB Energy.

Currently, Omera has four LPG manufacturing plants and its main terminal is located in Mongla. Besides, Omera has a storage system with a capacity of about 10,000 tonnes, and the capacity to refill 60,000 cylinders in a day.

Alongside three latest barges to carry LPG, Omera has 34 road tankers. At the same time, Omera is ESO 9000: 2015 AESO 4500: 2015 certified. Omera has also been exporting LPG to India since 2019.