Dhaka: The government may require one and a half to two years to address the current energy crisis and make the fuel and power sector conducive to supporting the nation’s productive economy, State Minister for Planning Zonayed Abdur Rahim Saki stated on Wednesday. “The energy sector is one of the most important areas. We cannot move forward without resolving its problems,” he mentioned to reporters after an ECNEC meeting.
According to United News of Bangladesh, the government is working to increase emergency oil reserves from the existing one and a half months to three months, with plans to establish another storage unit to eventually extend the reserve to six months. The government is also exploring new sources in various countries to meet the immediate fuel requirements through imports. However, Saki noted that importing gas alone would not solve the problem, as LNG receiving and conversion facilities are needed, and setting up such infrastructure would take time.
“So, people will have to give us the minimum time required to implement these projects,” the state minister expressed, hoping that people would understand the necessity of the transition period. He described the power and energy sector as a major challenge, highlighting its heavy import dependency and widespread irregularities. The recent power and gas crisis, partly caused by faults in several boilers, has already seen some improvements after repairs.
Despite these efforts, Saki acknowledged that there is still an insufficient supply of fuel and electricity to meet the current demand for gas, power, and other energy. The government is making concerted efforts to boost domestic gas production while simultaneously pursuing a significant shift towards renewable energy.
Referring to the government’s Five-Year Strategic Framework for Reform and Development, Saki explained that the government inherited a fragile and damaged economy, necessitating a recovery period before moving towards transformation and reconstruction. “The first two years will be the recovery period, the next three years will be the transition period, and within five years we aim to rebuild the economy with acceleration,” he said. The government has prepared a roadmap titled “From Fragility to Prosperity” to guide the country towards a democratic, humane, and welfare-oriented Bangladesh.