Dhaka, July 28 -- 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 struggles with an acute natural gas shortage worsened by the recent fire at an existing LNG terminal.

The Cabinet Committee on Economic Affairs on Tuesday, chaired by Finance Minister Amir Khosru Mahmud Chowdhury, gave its policy approval to process a proposal submitted by China's China National Energy Engineering & Construction Co. Ltd (CNEE) for the development of the Kutubjom FSRU under a government to government (G2G) arrangement.

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

The approval marks the first formal step towards d...