Bangladesh gets US$145m cash injection to build jetty.
Bangladesh will provide funds of nearly US$145 million from the Jeddah-based Islamic Development Bank (IDB) to build a jetty in the Bay of Bengal and connect it to the country's only refinery, senior officials said yesterday. The official said the jetty will be built 40km from the Eastern Refinery Ltd (ERL) located in the port city of Chittagong to offload oil and refined products from big vessels and minimise spills that could harm the environment.
'We received the green signal from the IDB last week and the necessary steps are now being taken to expedite the process,' the official at the economic relations division of the finance ministry told Reuters.
'The upgradation was necessary to prevent spillages of crude oil and refined petroleum products during unloading from large tankers,' said another official at the ministry's energy division.
'It will promote eco-friendly technology and ensure a cleaner environment,' the energy official said, adding that it will also eliminate losses due to decanting by feeder vessels and demurrage charges levied for delays in unloading.
The state-run ERL, with a capacity to refine 1.5 million tonnes of crude oil a year, imports up to 4.2 million tonnes of fuel annually, including 1.2 million tonnes of crude.
The ERL also refines condensates from the country's natural gas fields into petrol and diesel. Currently, Bangladesh produces 5,000 barrels of condensate per day, the officials said.