The Executive Committee of the National Economic Council (Ecnec), chaired by Chief Adviser Muhammad Yunus, today (23 December) approved the long-awaited "Modernisation and Expansion of Eastern Refinery Limited (ERL-2)" project.
With a total budget of Tk35,465.15 crore, the project aims to triple the country’s crude oil refining capacity to 45 lakh tonnes per year, drastically cutting reliance on costly imported refined petroleum.
The project will be implemented using public funds (Tk21,277.59 crore) and Eastern Refinery’s own financing after foreign development partners failed to commit. Notably, ERL-2 is designed with a flexible refining system capable of processing crude oil not only from the Middle East but also from Russia, Nigeria, and Norway.
Originally conceived in 2010, the project faced years of bureaucratic delays and shifting cost estimates before being revived and streamlined by the current interim government.
