BAPEX gets Tk 340 cr
Wednesday, 04 February 2009

Dhaka, Feb 3 (bdnews24.com) – The government will spend Tk 340 crore to strengthen the state-owned petroleum exploration company BAPEX and ensure supply to the gas-starved port city of Chittagong.

"We all know we are facing a gas supply crisis. The project is primarily meant to address the crisis," the planning minister said on Tuesday after an ECNEC meeting that gave the go-ahead to the scheme.

"It aims to enhance technical capability of Bangladesh Petroleum Exploration Company to expedite exploration and boost output of oil and gas," AK Khandaker said.

BAPEX will use the money to redevelop the prospective old wells, drill new wells, explore gas fields and train its manpower.

A 10-inch diameter, 65-km high-pressure pipeline will also be built to ensure gas supply to Chittagong, BAPEX officials said.

"The total amount of Tk 340 crore will come from Japan Debt Cancellation Fund (JDCF)," the minister said.

The fourth meeting of the ECNEC or Executive Committee of National Economic Council, was chaired by prime minister Sheikh Hasina.

The project must finish by June 2011.

Finance minister AMA Muhith, agriculture minister Motia Chowdhury, communication minister Syed Abul Hossain and LGRD minister Syed Ashraful Islam were among those present at the ECNEC meeting.

Source: bdnews24.com

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