Dhaka: Parliament on Sunday passed the Bangladesh Petroleum Corporation bill into law in an amended form repealing the Bangladesh Petroleum Corporation Ordinance 1976 and making provisions to this effect for reintroduction of the same.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid moved the bill in the house. The house adopted the bill with voice votes with Speaker Shirin Sharmin Chaudhury in the chair.

The bill would give legal coverage to activities adopted under the annulled ordinance and defend continuation of the activities relating to crude oil import, refining and processing and others.

According to the bill, the Bangladesh Petroleum Corporation (BPC) will have an approved capital of Tk 1,000 crore and the government would provide the fund as per requirement of the corporation.

The bill has allowed the corporation to borrow money or receive grant from local or foreign banks or any other source to increase its capital with approval of the government. Under the law, the government is authorized to appoint not more than five directors to the BPC. The BPC headquarters would be in Chittagong, but it could be shifted in the greater interest of the corporation.

Earlier, the state minister placed the bill in the House on 10 November 2015.