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The ERL Unit 2 installation project signed by Oriental Petroleum Refining Company Limited and S Alam Group has been cancelled.
The ERL Unit 2 installation project signed by Oriental Petroleum Refining Company Limited and S Alam Group has been cancelled.
The Ministry of Power, Energy and Mineral Resources informed this in a message on Thursday (August 29).
According to the information, it has been decided to cancel the proposal for implementation of the project titled “Installation of ERL Unit 2” proposed by Eastern Refinery Limited (ERL) under the Public Private Joint Venture Agreement between BPC/ERL and S Alam Group under BPC.
It was also decided to write to the BPC to estimate the DPP for the project based on the updated foreign exchange rates and send the reconstituted DPP to the Planning Commission for all procurement plans prepared under PPR-2008.
Earlier, Bangladesh Central Bank Governor Ahsan H. Mansoor advised against buying the land and assets of S Alam Group. He said this at a press conference held at Bangladesh Bank on Wednesday (August 28).
The governor said the central bank has suspended all banking transactions, loans, letters of credit for S Alam Group and its related persons and institutions. Now the company is trying to sell various land assets held under the name. Legal procedures are needed to prevent them. Therefore, in the national interest, I advise not to buy S Alam Group’s land and assets at this time.
OFA/SM
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