At the signing ceremony, State Minister for Power and Energy Nasrul Hamid said the project would save the exchequer at least Tk800cr annually.
An SPM facilitates the transfer of crude oil from mother vessels to offshore tanks and then to onshore tanks. The project’s main objective is to ensure the unloading of imported crude oil in a more efficient and time-saving manner.
With installation of the SPM, the BPC will be able to cut oil-unloading period to nine days from the existing 21 days time-frame from a 20-tonne lighter ship.
China Petroleum Pipeline Bureau will build the SPM as well as the pipelines that will connect the SPM with ERL.
Bangladesh Petroleum Corporation (BPC) initiated the SPM project five years ago to handle the transfer of crude oil from Kutubdia Island to Patenga in Chittagong in a bid to tackle oil pilferage and reduce the time required for fuel oil supply.
The deal was signed yesterday at a hotel in Dhaka. Sayed Mohammad Mozammel, director of BPC, and Zhao Yujian, president of China Petroleum Pipeline Bureau, signed the agreement on behalf of their respective organisations.
The BPC represented the Bangladesh side at the signing ceremony. State Minister for Power and Energy Nasrul Hamid, Energy and Mineral Resources Division Secretary Nazimuddin Chowdhury, and BPC Chairman Md Mahmud Reza Khan were present at the signing ceremony.