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Summit Oil and Shipping Company Limited (SOSCL)

Summit Oil and Shipping Company Limited (SOSCL), an enterprise of Summit Group, was incorporated in 1998 as a private limited company, which has since been converted as a public limited company in June, 2010. The present authorized and paid up capital of the Company are Tk 200 crore and Tk 50 crore respectively. Since its inception, SOSCL has been successfully carrying on its business in the field of import and inland transportation of liquid fuel oil with its own fleet of oil tankers.

Presently, SOSCL owns 6 coastal oil tankers with an accumulated carrying capacity of 9,600 MT. SOSCL owns and operates a 7,600 MT capacity tank terminal at Madanganj, to facilitate the storage capacities required by the 102 MW Power Plant of Summit Narayanganj Power Limited. SOSCL also leases a storage facility in Chittagong of 50,000 MT, also for providing storage facilities for HFO based Power Plants. SOSCL was initially set up to transport Heavy Fuel Oil (HFO) at the power plant site of Khulna Power Company Limited. SOSCL has since successfully been transporting HFO to Khulna Power plant for the last 15 years. At present, the Transportation Agreement has also been renewed with Khulna Power Company Limited, Khulna Power Company Limited Unit-2 and with Khan Jahan Ali Power Comapny.

During the years 2012 and 2013, SOSCL provided HFO transportation services to different power plant sites under agreements with three oil marketing companies of Bangladesh Petroleum Corporation (BPC) namely, Jamuna Oil Co. Ltd., Meghna Petroleum Ltd. and Padma Oil Co. Ltd. SOSCL carried close to 1620,000 MT of HFO for BPC in this time period. In addition, since 1998 SOSCL transported 2.5 million MT of HFO for various power plants in Bangladesh.

In the last 5 years, Summit Oil and Shipping Company Limited have diversified in its business activities in terms of Fuel Supply to Power Plants as well as Fuel storage and transportation services. SOSCL has been able to multiply and increase its revenue earning by 35 times since 2010.

SOSCL has executed long term Fuel Supply Agreement (FSA) as a nominated fuel supplier with various private sector power plants in Bangladesh. Under the provisions of the FSA, SOSCL imports HFO from abroad, stores at its tank terminal at Chittagong and transports the HFO by its coastal tankers to the plant sites required for generation of electricity. To facilitate such imports, SOSCL has opened a subsidiary company in Singapore with the primary objective of procuring and supply HFO in bulk quantity under contracts with different fuel giants of the world. SOSCL has imported and supplied 250,000 MT of HFO to these power plants as of date.