State Minister for Planning Zonayed Abdur Rahim Saki on Wednesday said the government is placing the highest priority to rapidly exploring and utilising the country's own energy resources to address the fuel crisis triggered by the ongoing conflict in the Middle East.
"For a long time, the failure to fully exploit Bangladesh's promising gas fields was due to a lack of rigs and weak capacity. Despite various international surveys pointing to significant gas potential in Bangladesh, that went untapped for 17 long years," he told journalists after the first meeting of the Advisory Committee formed to counsel the General Economics Division of the Planning Commission at Agargaon.
Noting that institutions like Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) and Petrobangla had long been neglected, the state minister said the government has now taken initiatives to strengthen BAPEX's capacity and intensify gas exploration activities. “Steps are also being taken to make Petrobangla more efficient than before.”
On renewable energy, he stressed that solar power can no longer be viewed as expensive or merely an alternative; it is now a practical necessity. “A phased transition plan towards renewable energy is being developed accordingly.”
"The government also aims to strategically expand storage capacity, ensure energy security, and implement long-term plans to steer the country towards a stable and prosperous economic future," Saki added.
He said a strategic framework is being prepared with a vision covering the next four, eight and 10 years, giving equal emphasis on both immediate economic recovery and long-term prosperity.
Acknowledging that the government is working to recover from a fragile and distressed economic situation, the state minister said past plans are now being scrutinised for their feasibility and actual implementation. "That is precisely why we have undertaken a review and reassessment of existing plans and ongoing projects."
While continuity in project implementation remains important, he made it clear that ineffective or redundant projects will not be continued in the name of consistency. “Ongoing projects are being restructured to align with the government's goals of economic democratisation and an equitable socioeconomic order.”
"The more participatory the economy is, the more its benefits will reach the ordinary people. Building an inclusive political economy is therefore one of the government's core objectives," Saki said.