The cabinet on Monday approved the draft of "The Petroleum Law, 2015". The approval came from the regular weekly meeting of the cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.Cabinet Secretary M Musharraf Hossain Bhuiyan said that the Energy and Mineral Resources Division placed the draft of the law in Bangla in today`s meeting in line with an earlier cabinet decision after necessary review and updating of the Petroleum Act, 1934 and the Petroleum Amendment Ordinance, 1986.He said that the proposed law has kept a provision for raising the punishment for violating the rules under the law in the case of petroleum production, refining, mixing, recycling or reusing.The cabinet secretary said that in the case of not providing information by the authorities concerned about any accident under the Section 24 (1. Cha) of the draft law, the punishment has been raised to six-month jail or Tk 10,000 fine or both. If the offense is repeated, he said, that the punishment would be doubled to one year jail or Tk 20,000 fine or both.Bhuiyan said that a provision has been created under the rules of the proposed law to regulate the issues relating to petroleum import, storage and transportation.He said that the rules will also have to be followed under the law on petroleum production, mixing, refining, recycling and reuse.Besides, the cabinet secretary said, that the caution sign or note will have to be displayed at the petroleum containers under the proposed law, while it empowers the authorised officers to collect petroleum specimen and issuing monitoring certificates.The cabinet also okayed in principle the draft of "The Bangladesh Ship Recycling Law, 2015".Update: 3:25 PM, 27 July 2015, Monday