Bangladesh’s first integrated sea-land oil storage and transportation system has been launched commercially. News from Xinhua News.
According to a report by Xinhua News, the project started in 2019 and was completed in November 2023 with a preferential loan provided by the Chinese government, financing by the Export-Import Bank of China and a preferential loan taken by China Petroleum Pipeline Engineering Co., Ltd.
The project will reduce oil unloading and transportation time from 11 days to about 48 hours for a 100,000 ton oil tanker, saving the country USD 128 million in crude oil transportation every year.
Sharif Hasnat, deputy general manager of Eastern Refinery Limited, told Xinhua that this will make the unloading system more efficient and reduce costs. It will be a modern environmental project.
Project Manager San Bijun said the project under the Belt and Road Initiative will reduce Bangladesh’s current energy deficit to a large extent and become a new energy artery in the country.
Xinhua News also reported that 4 thousand people have been given employment through this project.
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