Dhaka, Dec. 23 -- The interim government has sanctioned a Tk 354.65 billion project to modernise and expand the capacity of Eastern Refinery Limited (ERL) at a meeting of the Executive Committee of the National Economic Council (ECNEC).

The government will provide Tk 212.77 billion for the project, while Tk 141.87 billion will come from the ERL, a subsidiary of state-owned Bangladesh Petroleum Corporation.

The project was approved at an ECNEC meeting on Tuesday, chaired by Chief Advisor Muhammad Yunus.

A media statement said 20 new processing plants will be set up under the project.

Established in 1968 in Chattogram, the state-owned oil refinery facility currently has a refining capacity of 1.5 million tonnes per year. The project wil...