To enhance the capacity for the import, processing, and storage of gas and fuel, vital for industries in Bangladesh, a new ‘oil and gas terminal’ is slated for construction within the Bay-Terminal area under the jurisdiction of the Chittagong Port Authority.
This development was announced during a meeting held at the Ministry of Shipping’s conference room recently, presided over by State Minister for Shipping Khalid Mahmud Chowdhury, as per an official press release released in this direction.
The primary objective of this terminal is to augment the storage capacity for gas and fuel and optimise the supply system.
Several notable figures attended the meeting, including Md Mustafa Kamal, Secretary of the Shipping Ministry; Rear Admiral Mohammad Sohail, Chairman of the Chittagong Port Authority; Rear Admiral Golam Sadeq, Chairman of the Payra Port Authority; and Rear Admiral Mir Ershad Ali, Chairman of the Mongla Port Authority.
State Minister Khalid Mahmud Chowdhury expressed the Government’s favourable stance on the construction of the ‘oil and gas terminal’ even as he emphasised the need for expeditious construction, considering its positive impact on the country’s overall economy.
He also pointed out that other ports would benefit from its construction, underlining its significance.
State Minister Khalid Mahmud Chowdhury directed the Chairman of the Chittagong Port to initiate immediate steps toward the establishment of the ‘oil and gas terminal.’
The release mentioned that East Coast Holdings Limited, a strategic asset management company affiliated with the East Coast Group, has expressed interest in undertaking the construction of the terminal.
Meanwhile, to encourage both foreign and domestic investments, a memorandum of understanding was formally signed between the Chittagong Port Authority and the East Coast Group, marking a significant step toward the realization of this ‘oil and gas terminal’.