The Financial Express

Single point mooring project's cost goes up for 3rd time

ECNEC approves 11 projects involving Tk 58.25b

| Updated: May 11, 2022 14:44:05

Single point mooring project's cost goes up for 3rd time

The government has revised the single- point mooring (SPM) double pipeline-installation project for a third time, extending the cost by 53 per cent to Tk 71.24 billion from the original estimation.

The Executive Committee of the National Economic Council (ECNEC) approved the SPM project along with 10 others at a combined cost of Tk 58.25 billion at its meeting held in Dhaka on Tuesday.

Out of the cost, the ECNEC revised the 'Installation of SPM with Double Pipeline (third Revision)' project, extending the cost by Tk 5.56 billion.

Eastern Refinery Limited (ERL) took up the project in 2015 at Tk 49.35 billion for unloading oil from mother vessels at the deep sea - to be completed in December 2018.

However, it failed to complete the project and the government revised it twice - extending both time and cost.

The ECNEC meeting on Tuesday allowed ERL to complete the project by June 2023.

After the meeting, Planning Minister MA Mannan told journalists that a total of 11 projects were approved involving an overall estimated cost of Tk 58.25 billion.

Of the 11 projects, eight are new while the rest three projects are revised ones, he said, adding, "Of the total project cost, Tk 39.63 billion will come from the government's internal resources, Tk 12.20 billion from the organisations' own funds and Tk 6.42 billion as project assistance."

Presided over by Prime Minister Sheikh Hasina, the ECNEC also approved 'Sheikh Kamal IT Training Incubation Center (14)' project at Tk 11.15 billion, 'Renovation and Modernization of Existing 33/11kv Wooden Pole Mounted Substations in BREB (Phase-1)' project at Tk 6.79 billion, 'Implementation of Smart Distribution System in NESCO Area' project at Tk 2.41 billion, 'Local Government Initiative on Climate Change (LoGIC) (1st revised)' project with an extended Tk 1.37 billion, and 'Establishment of Sheikh Jahurul Haque Rural Development Academy, Jashore' project at Tk 1.99 billion.

Among other projects, the ECNEC also endorsed 'Sherpur (Kanasakhola)-Bhimganj-Narayankhola-Paranganj-Mymensingh (Rahmatpur) Road Development project' at Tk 18.42 billion, 'Development and Rehabilitation of Gorautra, Bolai-Srigangan Rivers under the Mithamain Upazila part and Dhanu River and Namakuran River under Itna Upazila and Part of Dhaleswari River in Austagram Upazila project' at Tk 3.42 billion, and 'Establishment of Technical School at 100 Upazilas (2nd revised)' project with an extended cost of 25.20 billion.

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