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MJL Bangladesh Limited
MJL Bangladesh PLC (Bengali: এমজেএল বাংলাদেশ লিমিটেড) (DSE: MJLBD,[3] CSE: MJLBD[4]) widely known as Mobil Bangladesh, formerly known as Mobil Jamuna Lubricants Limited, is a company that is jointly owned by Jamuna Oil Company, a subsidiary of government-owned Bangladesh Petroleum Corporation and EC Securities Limited, a subsidiary of East Coast Group.[5] Azam J Chowdhury is the Managing Director of the MJL Bangladesh Limited.[6] M. Mukul Hossain is the Chief Executive Officer of the company.[7] It markets products of ExxonMobil as the strategic alliance partner of the company in Bangladesh.[8][9] HistoryMJL Bangladesh Limited was established as Mobil Jamuna Lubricants Limited in 1998 by Jamuna Oil Company, a subsidiary of the state owned Bangladesh Petroleum Corporation and Mobil Corporation. The company was founded at the initiative of Mobil. In 2003, a Lube Oil Blending Plant was established by the company; which was the first lube oil factory in Bangladesh. The base oil to blend lubricant products in the factory comes directly from ExxonMobil.[10] ExxonMobil disinvested from the company in 2003 that made EC Securities Limited the largest shareholder of the company.[11] In 2010, MJL Bangladesh Limited entered into the stock market by issuing IPO worth 4.60 billion taka on Dhaka Stock Exchange; setting a record for the second largest IPO in Bangladesh.[12] In 2013, MJL Bangladesh Limited signed an agreement with AKT Petroleum Ltd to launch a joint venture in Myanmar to market Mobil branded lubricant's in the country.[11] The company owns Omera LPG which sells liquefied petroleum gas for domestic consumption.[13] In 2017, the company gave 45 percent cash dividend to its shareholders. It's profit in 2017 was 1.9 billion taka.[14] In 2018, profits rose by 14 percent for the company.[15] In 2020, sales of the company declined for the first time in three years.[16] SubsidiariesOmera Petroleum LimitedOmera Petroleum Limited is a subsidiary of MJL Bangladesh Limited. Omera Petroleum Limited manufactures and distributes liquefied petroleum gas (LPG) in Bangladesh. [2] Omera Cylinders LimitedOmera Cylinders Limited manufactures cylinders and works as a backward integration company. [2] MJL & AKT Petroleum Company LimitedMJL & AKT Petroleum Company Limited is a joint venture between MJL Bangladesh Limited and AKT Petroleum Limited that markets Mobil lubricants in Myanmar. [11] References
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