On July 5, CVO Petro halted production for three months as Petrobangla stopped supplying condensate to them
CVO Petrochemical Refinery Limited extended its production halt indefinitely on Thursda due to continuing shortage of condensate, a gas by-product used as a main raw material by refineries.
According to an official disclosure posted by the company on Dhaka Stock Exchange (DSE) website on the day, they mentioned that Petrobangla, who supplied the condensate, did not take any decision to resume supply to CVO Petro.
On July 5, CVO Petro halted production for three months as Petrobangla stopped supplying condensate to them.
As the supply did not resume , the production would remain suspended, the disclosure added.
Meanwhile, the government on several occasions had asked the country's refiners to upgrade their product quality but to no avail, which was why condensate supply had ceased, said a top official of the Ministry of Power, Energy and Mineral Resources, seeking anonymity.
The company is engaged in the production and sale of fuel like motor spirit, high speed diesel and mineral turpentine from natural gas condensate.
The share price of CVO Petrochemical Refinery closed at Tk115.40 each on Thursday with a loss of 0.09% or Tk0.01 on the Dhaka bourse.
The company's sponsor-directors hold 50% shares, institutes 21.62%, foreign shareholders 0.24% and general shareholders 28.14% as of August 31, 2020.
CVO Petrochemical Refinery was known as Chittagong Vegetable Oil Industries Limited before 2010.
They began commercial operation in 1984 by producing and marketing Phulcopy brand soybean oil, which gained much popularity as an edible oil amongst the consumers.
The company was listed on the Dhaka Stock Exchange in 1990. It belongs to the “B” category.