In order to increase the capacity of gas and fuel import, processing and storage, an “Oil and Gas Terminal” will be constructed in the Bay-Terminal area under Chittagong Port Authority.
It was informed in a meeting regarding the construction of “Oil and Gas Terminal” in the meeting room of the Ministry of Shipping in Dhaka on Thursday with State Minister for Shipping Khalid Mahmud Chowdhury in the chair, a press release said.
This terminal will help increase the “storage capacity” of gas and fuel and improve supply system of liquid fuel and edible oil at affordable prices to meet the crisis of fuel in the country, the release added.
Secretary of Shipping Ministry Md Mustafa Kamal, Chittagong Port Authority Chairman Rear Admiral Mohammad Sohail, Payra Port Authority Chairman Rear Admiral Golam Sadeq and Mongla Port Authority Chairman Rear Admiral Mir Ershad Ali attended the meeting, among others.
State Minister Khalid Mahmud Chowdhury said the government is positive about the construction of “Oil and Gas Terminal”.
"Considering the overall economy of the country, this terminal should be constructed quickly. Other ports will also get benefit if it is built," he added.
He directed the chairman of Chittagong Port to take immediate action for the construction of “Oil and Gas Terminal”.
East Coast Holdings Limited (ECHL), a strategic asset management company under the umbrella of East Coast Group, has expressed interest in building the terminal, the release said.
A memorandum of understanding (MoU) was signed between the Chittagong Port Authority and the East Coast Group for the establishment of an “Oil and Gas Terminal” in the Chittagong port area to encourage foreign and domestic investments.