Dhaka, Sept. 12 -- The lone bidder -- Indonesian PT Pertamina - quoted higher-than- expected costs in the tender for operations and maintenance (O&M) of the country's maiden Tk 80-billion single-point mooring (SPM).

As a result, the state-run Bangladesh Petroleum Corporation (BPC) is set to cancel the bid and go for re-tender for the same, according to a top official.

"We are going to cancel it (the offer) and seek re-tender to keep the O&M costs rational," BPC chairman Md Amin Ul Ahsan told The Financial Express on Thursday.

Sources said the cost quoted by Pertamina was higher as the BPC intended to assign a foreign contractor to look after operations for both of its onshore and offshore pipelines.

The BPC initially planned to operat...