Oil and Gas Terminal to be built at Ctg port: shipping ministry

In order to increase the capacity of gas and fuel import, processing, and storage, an "Oil and Gas Terminal" is expected to be constructed in the Bay Terminal area under Chattogram Port Authority.

The decision came from a meeting regarding the construction of the terminal in the meeting room of the Ministry of Shipping in Dhaka today with State Minister for Shipping Khalid Mahmud Chowdhury in the chair, said a press release.

This terminal will help increase the "storage capacity" of gas and fuel and improve supply system of fuel oil and edible oil at affordable prices to meet the crisis of fuel in the country, the release added.

Khalid Mahmud said the government is positive about the construction of the 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 the terminal.

Shipping Secretary Md Mustafa Kamal, Chattogram 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 and others attended the meeting.

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 Chattogram Port Authority and the East Coast Group for the establishment of an "Oil and Gas Terminal" in the Chattogram Port area to encourage foreign and domestic investments.