Originally posted in The Business Standard on 05 June 2022
The bill states that companies must be formed in accordance with the company’s Act
The ‘Bangladesh Gas, Oil and Mineral Resources Corporation Bill-2022’ has been raised in the national parliament increasing the authorised capital of the state-owned company Petrobangla from Tk200 crore to Tk5,000 crore while the paid up capital has been made Tk200 crore.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid presented the draft bill in the 18th session of the 11th parliament on Sunday.
Later, the bill was sent to the Parliamentary Standing Committee on the respective ministry for scrutinizing and reporting to the parliament within 15 days.
The bill states that companies must be formed in accordance with the company’s Act.
The corporation may hold its subordinate shares or rights.
It may, with the approval of the government, invest in term deposit in any bank or any other energy related profitable sector.
The bill stipulates that the corporation will be able to take foreign loans with the approval of the government.
It further states that the corporation will be able to buy and sell the government shares in different companies and transfer them in any other way with the approval of the government on conditions.
According to the draft bill, the corporation will import, trade, export and manage liquefied natural gas (LNG).
When existing laws were enacted, there was no concept of LNG or concentrated natural gas (CNG).
The draft law also says the corporation will have a 10-member board of directors including the chairman.
