Islamic Development Bank (IDB) will invest $129 million in Bangladesh for the establishment of a Single Point Mooring System (SPM) near Kutubdia Island for the Bangladesh Petroleum Corporation-owned Eastern Refinery Ltd.
IDB Board of Executive Directors approved the single largest investment in Bangladesh at its 263rd meeting on December 12 in Jeddah, said a press release Sunday.
The press release, signed by IDB Field Representative in Bangladesh Farook uz Zaman, said the SPM would prevent any spillage of crude oil and Refined Petroleum Products (RPP) while unloading large tankers.
The system will promote eco-friendly technology and ensure cleaner environment for the coastal waters of Bangladesh, the press release said.
The SPM will also eliminate losses due to decanting by feeder vessels and demurrage charges levied by large vessels at the outer anchorage due to delay in unloading crude oil and RPP, the IDB press release added.
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