The Single Point Mooring (SPM) project in Bangladesh has faced yet another extension, now extending its completion period to nine years from the original slightly over three years. This extension has nearly doubled the cost to Tk 82.98 billion.
The project, initially priced at Tk 49.35 billion in November 2015, was meant to conclude by December 2018. The state-run Eastern Refinery Limited (ERL) initiated the project to transport fuel oil from deep-sea vessels to its Chattogram facilities, eliminating the need for lighterage vessels and reducing transportation costs.
While approving this extension, the Executive Committee of the National Economic Council (ECNEC) also greenlit 37 other projects with a total cost of Tk 526.12 billion. Of this, Tk 215.47 billion will come from the government’s internal resources, Tk 14.97 billion from relevant organizations, and Tk 295.68 billion as project assistance from development partners.
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