Bangladesh looks to private sector to build oil storage facilities

Bangladesh plans to engage the private sector for the first time to build and operate oil depots to ramp up the country’s oil storage capacity and ensure smooth supply to upcoming gasoil- and fuel oil-fired power plants, an official from the energy ministry said. State-owned Bangladesh Petroleum Corp. would invite proposals soon from interested private parties to construct the oil storage facilities, the official added. He did not disclose details on the size of the storage facilities but said the total storage capacity was likely to add up to 500,000 metric tons. (June 7, 2010)