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Titas Gas Transmission and Distribution Company PLC

autonomous · verified (verified 2026-05-17)

Profile

Head
Shahnewaz Parvez
Role
Managing Director
Annual budget
—
Staff
1942
Established
1964
Legal basis
Incorporated 20 November 1964 under the Companies Act 1913 (East Pakistan); currently operates under the Bangladesh Gas Act 2010; listed on the Dhaka Stock Exchange (DSE: TITASGAS) and Chittagong Stock Exchange (CSE: TITASGAS) as a public limited company; subsidiary of Petrobangla under the Energy and Mineral Resources Division

Titas Gas is in a deepening financial crisis: three consecutive years of net losses totalling Tk 1,680 crore (FY23-FY25), driven by system loss at 10%+ against a 2% allowable threshold, minimum tax obligations despite losses, and a revenue shortfall from reduced gas supply to power and industrial consumers; Dhaka-Mymensingh franchise demand is approximately 1.9 billion cubic feet per day against actual receipt of 1.52-1.53 bcfd, forcing reallocation from industry to power that hits textile and other export-sector factories in Narayanganj, Gazipur, and Savar; the company is running parallel anti-illegal-connection drives (22,582 disconnections since September 2024), a 1.75 million smart prepaid meter rollout (WB and ADB financed, implementation start targeted for H2 2026), and Bangladesh's first deep gas well (Titas-31, 22% complete as of May 2026) to address supply and loss issues, while BSEC approved a Tk 282.75 crore preference share issuance in April 2026 to recapitalise the balance sheet.

Recent activity

Provenance & notes

Titas Gas was founded on 20 November 1964 following the discovery of gas at the Titas gas field in Brahmanbaria in 1962 (then East Pakistan); commercial gas supply commenced 28 April 1968 to the Siddhirganj Thermal Power Station via the Titas-Demra pipeline. It is a subsidiary of Petrobangla and listed on DSE and CSE (ticker: TITASGAS). Pipeline network: 13,421 km (as of June 2024). Consumers: approximately 2.87 million total (2.85 million residential, ~12,000 commercial, ~5,400 industrial, ~1,755 captive power, ~396 CNG stations) per company disclosures cited in TBS and Daily Star. Staff count of 1,942 sourced from 2025 company profile data; an older 2020 estimate cited 2,100. MD appointment: Shahnewaz Parvez served as acting MD from September 2024 after the interim government's transition; made permanent by Petrobangla office memo on 19 May 2025. Financial losses: three consecutive loss years (FY23 Tk 165 cr, FY24 Tk 744 cr, FY25 Tk 772 cr) driven by system loss far above the 2% regulatory threshold (FY25: 9.47%; Q1 FY26: 10.13%), minimum tax applied as source tax despite net losses, and a compressed distribution margin. Government's target is 50% system loss reduction by June 2026 via aggressive illegal connection enforcement. Smart meter project (WB + ADB financed, 1.75 million meters) has PMC appointed; implementation now targeted H2 2026 after delays. Titas-31 deep well (5,600 m depth, Brahmanbaria Sadar; CCDC contractor; Tk 594 crore for two wells including Bakhrabad) is Bangladesh's first deep exploratory gas well; drilling began 19 April 2026, 22% complete as of 5 May 2026; seismic surveys indicate 1.0-1.5 tcf potential reserves. BSEC approved preference share issuance on 15 April 2026; EGM approval was 24 December 2025. Titas gas supply shortfall: franchise area daily demand ~1.9 bcfd vs actual receipt 1.52-1.53 bcfd; power sector allocation has risen from 230 mmcfd to 360-370 mmcfd, displacing 130-140 mmcfd from industry. Annual budget (BDT) not filed in this record: revenue for FY25 (full year) is approximately Tk 35,000+ crore based on H1 data (Tk 17,472 crore for Jul-Dec 2024); precise full-year revenue not confirmed in a single primary source.

Sources