Mobil Jamuna Lubricants (MJL) Bangladesh Ltd, which blends and markets lubricants and grease products, yesterday announced that its board has approved the purchase of a used oil tanker within a range of $45 million to $47 million.

With a capacity of about 115,000 deadweight tonnage, the nearly 13-year-old ship will replace the MJL's existing ageing tanker vessel MT Omera Legacy (MTOL), which mainly operates in the Persian Gulf and the Arabian Sea. 

The MTOL, a crude oil tanker, was purchased in October 2017 and is jointly managed and operated by Thome Ship Management Pte Ltd Singapore, and EC Bulk Carriers Ltd Dhaka, according to the annual report 2023-24 of MJL Bangladesh Ltd.

Shares of MJL Bangladesh PLC rose 0.64 percent from that on the day before to close at Tk 93.80 on Dhaka Stock Exchange (DSE) yesterday.

The publicly listed company has the capacity to prepare around 150,000 barrels of blended lubricants in a year and imports about the same quantity of finished lubricating oil, which are mostly absorbed by the domestic market.

The MJL's profit grew to Tk 277 crore in the fiscal year 2023-24, up marginally from Tk 276 crore a year ago.