Dhaka, Aug. 30 -- Bangladesh has released Tk 60 billion ($490 million) to boost electricity generation from oil-fired power plants, as the government seeks to reduce load-shedding and divert scarce natural gas to industries.

The Finance Division will provide the funds in two installments to help clear outstanding payments owed to private power producers, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit told Energy Bangla on Sunday.

The government currently spends an average of around Tk 1.2 billion a day on electricity generation using fuel oil. The expenditure is expected to rise as the authorities seek to increase oil-fired power generation.

Amit said the government plans to increase generation from oil-fired...