Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood Tuku said the government is friendly toward private investment, particularly in the energy sector.
He said private investment is very important for the energy sector. That is why the prime minister is meeting with private-sector representatives, and he has also held meetings with them.
Iqbal Hassan Mahmood made the remarks while speaking at a seminar titled “Energy Sector Crisis: Prospects and Ways Forward” in the capital on Tuesday.
Forum for Energy Reporters Bangladesh (FERB) organized the seminar at Dhaka Club.
The minister said a war suddenly broke out in the Middle East after the government took office. Despite repeatedly assuring people that the country had enough fuel reserves and asking them not to queue at petrol stations, long lines formed across the country.
He said he even saw motorcycles waiting outside two petrol stations near his home throughout the night. However, the government managed to bring the situation under control and there was no actual shortage of fuel.
Mahmood said fuel was later sold on the black market including through online platforms at higher prices.
The minister said he discussed the situation with the prime minister and proposed opening up the fuel business to private companies. He said the government already buys fuel from private companies including octane and petrol produced locally.
“If that can work, why not let private companies handle the entire business? We can have two types of petrol stations - one operated by Padma, Meghna and Jamuna, and another run by a private company.”
He said there could be both state-run and private petrol stations in the country, similar to India, where Indian Oil and Reliance operate alongside each other.
The minister said the prime minister had warned that some people were trying to take advantage of the fuel crisis. He urged them to act in the national interest, saying they would gain nothing by making the crisis worse.
The minister said the previous government remained in power for 16 years in the name of development. But development took place mainly where there were opportunities to make money.
Mahmood said the shutdown of one FSRU (Floating Storage and Regasification Unit) has created a severe gas shortage across the country.
He added that the government will sit with industrialists to discuss the gas crisis and ensure that businesses do not face difficulties.
The minister also stressed the need for caution in developing coal-fired power plants, saying financing for many such projects has already been stopped.
Regarding solar power, Iqbal Hassan Mahmood said the government is taking an aggressive approach and working to make solar energy business-oriented. He said a policy was prepared within two months and will be implemented as announced.
He added that solar power will be expanded across the country under an OPEX model, starting from Dhaka.
FP/R
