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Originally named Pakistan National Oils in 1964 before the Independence of Bangladesh, The Company was renamed as Bangladesh National Oils (BNO) by an Ordinance of 1972 by the Government of Bangladesh.
During the war of Independence of Bangladesh in 1971, the famous Chilmari Expedition was conducted here by then BDF Sector 11, Mankarchar Sub-Sector, led by Squadron Leader M. Hamidullah Khan.
The military history of Bangladesh begins with the 1971 liberation war that led to the independence of Bangladesh from Pakistan.
In 1979, the sector received its first foreign investment after the independence of Bangladesh when Mitsui Engineering and Shipbuilding Industry, a Japanese enterprise, formed a joint venture with High Speed Shipyard of Bangladesh to establish a shipyard at Fatullah, Narayanganj.