Dhaka, Dec. 23 -- The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved a Tk 354.65 billion project to modernise and expand Eastern Refinery Limited (ERL), aiming to strengthen Bangladesh's energy security, produce cleaner fuel and cut dependence on imported refined petroleum products.

The approval came at an ECNEC meeting held at the NEC Auditorium of the Planning Commission with Chief Adviser Professor Muhammad Yunus in the chair, according to UNB.

Titled "Modernisation and Expansion of Eastern Refinery Limited (ERL)," the project has been undertaken by the Energy and Mineral Resources Division and will be implemented by ERL on behalf of the Bangladesh Petroleum Corporation (BPC).

It falls under the pow...