Petromax started commercial operations in 2013. Octane is its main product, but the company also produces small quantities of diesel, petroleum and kerosene. It buys condensate from the Rupantarito Prakritik Gas Company.
Shahjibazar Power, a sister concern of Youth Group, holds a 90 percent share of Petromax Refinery with an investment of Tk90 crore.
In the fiscal year 2013-14, Petromax earned Tk362.35 crore and made a net profit of Tk20.59 crore. The following year, fiscal year 2014-15, the company earned a maximum of Tk764.26 crore and made a net profit of Tk72.88 crore. Since then, its business has declined.
In the first three quarters of the 2019-20 financial year, revenue of the company fell by 12 percent to Tk379.93 crore. Further, it posted a loss of Tk5.12 crore from its refinery business.
