State Minister for Power, Energy and Mineral Resources Nasrul Hamid introduced the Petroleum Bill, 2016 in Jatiya Sangsad seeking annulment of the Petroleum Act, 1934 and reframing of the same with some amendments on Wednesday.
The bill has proposed a set of provisions dealing with import, storage, transportation, production, refining of petroleum and other inflammable substances and reuse of such substances through recycling.
The bill has the provision of giving legal coverage to the activities carried out under the Petroleum Act of 1934 and for continuation of the necessary actions.
The cabinet approved the draft of "The Petroleum Bill, 2015" on July 2015. Later, the House sent the bill to the concerned parliamentary standing committee for scrutiny and report back within 30 days.