MJL Bangladesh Limited

MJL Bangladesh PLC () (DSE: MJLBD,[2] CSE: MJLBD[3]) 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.[4] Azam J Chowdhury is the Managing Director of the MJL Bangladesh Limited.[5] M. Mukul Hossain is the Chief Executive Officer of the company.[6] It markets products of ExxonMobil as the strategic alliance partner of the company in Bangladesh.[7][8]

History

MJL 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.[9] ExxonMobil disinvested from the company in 2003 that made EC Securities Limited the largest shareholder of the company.[10]

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.[11]

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.[10] The company owns Omera LPG which sells liquefied petroleum gas for domestic consumption.[12] In 2017, the company gave 45 percent cash dividend to its shareholders. It's profit in 2017 was 1.9 billion taka.[13] In 2018, profits rose by 14 percent for the company.[14]

In 2020, sales of the company declined for the first time in three years.[15]

Subsidiaries