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Energy regulatory body to further open up market

STAR BUSINESS REPORT
Bangladesh Energy Regulatory Commission, coming into operation this July, will help further open up the energy sector.
While addressing the monthly luncheon meeting of Foreign Investors' Chamber of Commerce and Industry (FICCI) yesterday in Dhaka, State Minister for Energy and Mineral Resources AKM Mosharraf Hossain also said this independent commission will issue licenses, fix prices and oversee the whole energy sector.
He said highly qualified professional people from both private and
public sectors will be engaged at the commission to uphold national interest and deal efficiently with foreign investors.
He said, as a first step to privatisation, full autonomy has been given to six Petrobangla companies. As government does not have any intention to do business in energy sector, all marketing and distribution companies affiliated with Petrobangla will be privatised in phases.
"The government also has plans to float shares of those Petrobangla affiliates to involve private investors in energy," he disclosed.
On gas export, he said the decision
should be based purely on commercial consideration not political interest.
"Before a decision, we must have energy security for 20 to 30 years. Now we have a proven gas reserve of 15 TCF and probable reserve of 32 TCF. We need further exploration and independent surveys to ascertain actual proven reserve," he said.
On coal prospect, he said Barapukuria Coal Mine can meet at least 15 years' demand. Mentioning that 15 per cent of world's power demand is produced from coal, he said Bangladesh can also generate power from coal.
With Barapukuria Coal Mine starting operation, Bangladesh will no longer have to import coal from India.
He said a Petroleum Training Institute will be set up to train up Petrobangla officials so that they can efficiently negotiate with international oil companies while signing production sharing contracts.
On crisis of CNG station, he said there is no shortage of compressed natural gas but a small number of stations are struggling to meet demand of thousands of CNG-run vehicles.
Before allowing CNG conversion of thousands of vehicles, government should have ensured the required number of stations. This problem will be solved within two years when more stations will be set up before buses, trucks and other vehicles will be encouraged to go for CNG, he assured.
FICCI President Wali Bhuiyan said after meeting domestic demand a portion of the gas reserve can be exported to earn much-needed hard currency in the backdrop of limited export base, which is unlikely to expand in the foreseeable future.
In light of global realities, FICCI feels that energy policy and the Petroleum Act of Bangladesh should be updated, he stated.
The government should take immediate necessary steps for privatisation of gas and petroleum products marketing for consumer benefits and eliminating system loss in the sector, he suggested.
Nurul Islam, vice-president of FICCI, was also present at the meeting.