Bangladesh, July 29 -- The government has moved to fast-track the installation of a new Floating Storage and Regasification Unit (FSRU) at Kutubjom in Maheshkhali, Cox's Bazar, as Bangladesh seeks to ease an acute natural gas shortage aggravated by the recent fire at an existing LNG import terminal.

The Cabinet Committee on Economic Affairs, chaired by Finance Minister Amir Khasru Mahmud Chowdhury, on Tuesday granted policy approval to process a proposal from China's China National Energy Engineering & Construction Co Ltd (CNEE) to develop the Kutubjom FSRU under a government-to-government (G2G) arrangement.

The proposal was submitted by the Energy and Mineral Resources Division.

The approval represents the first formal step towards e...