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Autonomy spark to Petrobangla cos

SHARIER KHAN
The government has given autonomy and financial freedom to all the nine Petrobangla affiliated companies to perk up their performance.
The companies, legally supposed to enjoy the latitude as they were born long ago, pump more than Tk 1,500 crore to the national exchequer a year and figure on the list of top public sector earners.
The cabinet on April 6 decided to give autonomy to six companies while three others had got the status late last year.
As there was no legal measures required, all the government had to do to implement the decision was issuing a fresh gazette notification.
"The autonomy means the nine companies will be able to recruit their own manpower, plan and approve their own projects and bankroll their own schemes," said a Petrobangla source.
Last week, one of these 'liberated' companies, Gas Transmission Company Ltd (GTCL), applied the newfound financial freedom for the first time and approved a Tk 28 crore project to procure coated pipeline.
Without financial freedom, the companies could not retain any part of their earnings for their own development and due to lack of autonomy they could not hire or promote staff on the basis of performance.
"Our companies are supposed to be allowed to retain at least 10 per cent of revenue. But the finance ministry took it all. And for different projects, we have to depend on the whims of bureaucrats as well as the political leadership," commented an official.
"Now we will be able to retain 10 per cent."
On November 11, last year the government gave autonomy and financial freedom to Titas Gas Transmission and Distribution Company Ltd (TGTDCL), Gas Transmission Company Ltd (GTCL) and Rupantarita Prakritik Gas Company Ltd (RPGCL).
Jalalabad Gas Transmission and Distribution Company Ltd (JGTDCL), Bangladesh Gas Fields Company Ltd (BGFCL), Bakhrabad Gas Systems Ltd (BGSL), Sylhet Gas Fields Ltd (SGFL), Pashchimanchal Gas Company Ltd (PGCL) and Petroleum Exploration and Production Company Ltd (BAPEX) got the status last week.
The oldest of these companies -- Titas Gas Company -- was formed in 1966 while the youngest companies -- the PGCL and BAPEX -- were set up three years ago. Seven out of the nine companies are more than a
decade old.
The cabinet at its April 6 meeting stressed that the purpose of establishing the companies was to speed up activities, ensure efficiency and planned development.
But lack of latitude presented a drag on the companies to discharge their duties properly.
The cabinet, however, pointed out that there was no financial restriction on the companies, but they did not apply any of their financial or administrative authority.
"Due to weak management, activities of the employees' unions and inadequate financial capacities, these companies are failing to provide services consistent with the overall gas demand and supply situation," the cabinet noted.
Such a situation led to growing financial and managerial complications, especially in project implementation, recovery of outstanding bills and system loss handling.
The meeting chaired by Prime Minister Khaleda Zia noted that development partners, including the World Bank and the Asian Development Bank, suggested restructuring the companies to
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make those efficient and profitable.
The cabinet observed that there was no legal bar to give the companies autonomy and financial freedom as they already enjoyed the rights under the Company Act, 1994.
The meetings asked the energy ministry and Petrobangla to ensure the new status of the companies.