Bangladesh okays $3 bln Saudi Arabia oil investment

DHAKA Sat Apr 12, 2008 12:36pm IST

Related Topics

DHAKA (Reuters) - Bangladesh has approved to go ahead with a $3 billion investment by Saudi Arabia to set up an oil refinery with a capacity to produce 300,000 barrels of oil products a day, a senior official said on Saturday.

Hi-Tech International Group of Saudi Arabia and Cosmopolitan Oil Refinery Management Limited of Bangladesh last February signed a deal to implement the project within the next 40 months, officials said.

Mohammad Mohsin, secretary of government's energy and mineral resources division, told Reuters that the Saudi firm would produce for the domestic market but may also make products for export.

The plant will be set up with foreign investment and will import more than 5 million tonnes of crude oil from Saudi Arabia.

The refinery's production capacity will be more than three times that of the state-run Bangladesh Eastern Refinery Limited (BERL), the only refinery in the country, Cosmopolitan Oil Refinery Management Chairman Dewan Sultan Ahmed told Reuters.

BERL, at the port city of Chittagong with 1.5 million tonnes capacity, supplies refined oil to three state-owned oil firms for distribution across the country.

Bangladesh imports 3.8 million tonnes of fuel a year, including about 1.5 million tonnes of crude oil, officials said.

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Reuters Showcase

Facebook Earnings

Facebook Earnings

Facebook tops Wall Street revenue target in 4th quarter.  Full Article 

Japanese Hostage

Japanese Hostage

Islamic State said to set new deadline for hostage swap  Full Article 

Cricket World Cup

Cricket World Cup

Batting holds key for team India in World Cup  Full Article 

Australian Open

Australian Open

Sharapova eases into fourth Melbourne final  Full Article 

Photo

Laser Pioneer Dies

Laser's co-inventor, Nobel laureate Charles Townes, dead at 99  Full Article 

Rohingya Muslims

Rohingya Muslims

Rohingya refugees say traffickers in Malaysia abuse and kill.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage