Dhaka, Oct. 31 -- After failing to secure foreign funds, the government has decided to go solo on the long-delayed Eastern Refinery Unit-2 project, opting to finance the Tk43,000 crore expansion from its own resources to cut costly fuel imports.

The Energy and Mineral Resources Division has submitted a revised proposal to the Planning Commission, raising the project cost to Tk42,973.70 crore. Of the total outlay, Tk30,499.80 crore will come directly from the government, while BPC will provide Tk12,473.90 crore. The project aims to be completed by June 2030.

Earlier this year, the project was budgeted at Tk36,410 crore with expectations of Tk25,500 crore in foreign loans.

However, repeated efforts to secure financing-from Saudi Arabia, ...