The Bangladesh Oil, Gas and Mineral Corporation Bill, 2022 was passed in Parliament to expedite the exploration of oil, gas and mineral resources in the country.
The new law will replace the Bangladesh Oil, Gas and Mineral Corporation Ordinance, 1985 which is declared void by the court as it was promulgated during the regime of a military dictator.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid moved the Bill and it was passed by voice vote, reports UNB.
As per the Bill, a corporation will be established titled the Bangladesh Oil, Gas and Mineral Corporation for carrying out the purposes of this Bill. The Corporation may also be called PETROBANGLA.
This will be a body corporate, having perpetual succession and a common seal with power to acquire, hold and dispose of property, both movable and immovable, and shall by the said name sue and be sued.
The main office of the Corporation will be established in Dhaka whereas, if necessary, its offices can be set up in any place in and outside the country taking prior permission from the government.
The authorised capital of the Corporation shall be Tk 100 billion, which was Tk 2.0 billion, while the paid-up capital will be Tk 2.0 billion.
The Board shall consist of a Chairman to be appointed by the government, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with energy and mineral resources to be nominated by that Ministry or Division, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with finance to be nominated by that Ministry or Division, an officer not below the rank of a Joint Secretary of the Ministry or Division dealing with planning to be nominated by that Ministry or Division and five directors to be appointed by the government.
The Chairman of the Corporation shall be appointed from the Additional Secretaries of the government.
As per the Bill, it can deposit its fund in any scheduled bank as a term deposit or invest in any government-approved securities.