The `Bangladesh Petroleum Corporation Bill, 2015` was placed in the Jatiya Sangsad on Tuesday.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid placed the bill seeking annulment of the Bangladesh Petroleum Corporation Ordinance, 1976 and reformulation of the same.
Earlier, the cabinet endorsed the draft BPC law on March 2 this year.
The bill is aimed at giving legal coverage to activities adopted under this ordinance and defending continuation of the measures.
According to proposed law, the BPC, with an approved capital of Taka 5 crore under the Energy and Mineral Resources Ministry, would have a maximum nine-member board of directors.
The bill said the BPC will be headquartered in Chittagong, but it could be shifted in the greater interest of the corporation.
The House sent the bill to the concerned parliamentary standing committee for scrutiny and asked to submit its report within one month.