Petroleum Corporation to be run by board of directors

Petroleum Corporation to be run by board of directors

0

The Cabinet on Monday gave the final approval to the draft of the Bangladesh Petrolium Corporation Act, 2015 proposed by the Ministry of Energy Power and Mineral Resources.
Mosharraf Hossain said the BPC was running under the Bangladesh Petroleum Corporation Ordinance 1976 promulgated during the Martial Law regime.
As per earlier decision of the Cabinet, the draft of the law was placed after making necessary amendments, he said adding that the draft was also translated into Bangla as per the directives of the country’s Supreme Court.The Cabinet Secretary added that the proposal of the law was earlier approved by the Cabinet in principle in March last with some observations and subject to vetting of the Law Ministry.
According to the proposed draft law, the organisation would be termed to have been established as if it was set up under the Bangladesh Petroleum Corporation Act, 2015, he said.
Besides, under the proposed draft law, the BPC will be run by a nine-member Board of Directors headed by its full-time Chairman appointed by the government.
Of the eight members of the board of directors, three full-time members –one from the Energy Division, one from the Power Division and another from the Finance Division each equivalent to Joint Secretary — will be appointed by the government while the appointment of other members would remain open.
The Cabinet also approved in principle the draft of Bangladesh Space Research and Remote Sensing Organisation (Amendment) Act, 2015 to make the existing law more effective and time-befitting one.
According to the amended draft law, SPARSO would be run by a five-member Board of Directors headed by a full-time chairman appointed by the government.
The Cabinet in today’s meeting also approved the ‘Headquarters Agreement between the Government of Bangladesh and South Asian Regional Standards Organisation (SARSO)’, and ‘Headquarters Agreement between the government of Bangladesh and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec)’.
Mosharraf Hossain Bhuiyan said such agreements are necessary in establishing secretariats in Bangladesh of any regional or international organisations like SPARSO and Bimstec.
Under the two agreements, the Cabinet Secretary said, the concerned Organizations would get diplomatic privileges and immunities which would enable them to work more effectively.
He added that Bangladesh signed an agreement with SPARSO to establish its Secretariat in Dhaka in its meeting held in Sri Lanka on September 15, 2008 that was effective from August 25, 2011.
On the other hand, he said, the decision of establishing Bimstec Secretariat in Dhaka was taken in the 3rd Summit of the Organization held in Napithaw, Myanmar in 2014.- UNB

Share.

Comments are closed.