The parliamentary standing committee on Power, Energy and Mineral Resources Ministry on Sunday got additional 45 working days to submit its report on Bangladesh Oil, Gas and Mineral Corporation Bill, 2022.

The Bill was placed in Parliament to expedite exploration of oil, gas and mineral resources in the country on June 5.

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Chairman of the Committee Waseqa Ayesha Khan moved for the time extension in the House which approved it by voice vote.

The proposed law will replace the Bangladesh Oil, Gas and Mineral Corporation Ordinance, 1985 that was declared void by the court as it was promulgated during the regime of military dictator.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid placed the bill on June 5 and it was sent to the respective parliamentary standing committee. The committee was asked to submit its report within 15 days.

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 5000 crore, which was Tk 200 crore, while the paid up capital will be Tk 200 crore.

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The Board shall consist of the following Directors, 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, three officials of the Corporation nominated by the government and two Directors to be appointed by the Government.