18th July 2019
EP Report



Bangladesh is set to sign a memorandum of understanding (MoU) with Saudi Arabian oil behemoth Aramco on a multi-billion dollar investment in the power and energy sector, officials said.


Aramco, the national petroleum and gas company, is one of the largest companies in the world by revenue of $ 356 billion. According to Bloomberg, it is the most profitable company in the world.


"We've sent the draft of the MoU to Aramco for their scrutiny and after getting their feedback, we will sign," said a senior foreign ministry official, who is dealing with the process.


He said the deal has been prepared after taking inputs from the ministries concerned.


Primarily, Aramco has expressed its interest to invest in three projects --a large oil refinery with a capacity of 10-20 million tonnes, a 500-megawatt power plant and liquefied natural gas (LNG) terminal.


Bangladesh Investment Development Authority (BIDA) officials said the investment proposal ranges from $15 to $20 billion.


"We feel that the presence of the global giant like Aramco in Bangladesh will boost the image of the country and it will encourage others to follow suit," a BIDA official said.


Aramco wants to build a petro chemical complex in Bangladesh, which will house the refinery and related industries, he said. But the amount of the investment will be finalized after both sides signing the deal, he added.


Already, two senior officials have visited Dhaka to discuss the investment proposal this year.


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