Saudi Arabia – based Hi-Tech International Group (HTIG) has taken a plan to set up an oil refinery plant in Chattagram. Bangladesh Investment Development Authority (BIDA) has already approved the project, to meet the growing demand of refined oil in the country which will be implemented very soon-said official sources.
The refinery will produce 2632500 MT of Octane, 661500MT of LPG, 5413000 MT of HSD, 17555000 MT of Bitumin and 62160000 MT of Kerosene annually.
HTIG will invest the project worth $6.0 billion. The project will be co-financed by UAE-based Rashid Al Hadi Trading Company. The Refinery will be set up at Khankhanbad area under Bashkhali upazila in Chittagong which will create employment opportunity for 3050 people.
According to the proposal, the production capacity of the proposed refinery will be more than three times of the state-run Bangladesh Eastern Refinery Limited (BERL), the lone refinery in the country.
The 1.5 million tonne capacity BERL, located in the port city of Chittagong supplies refined oil to three state-owned oil firms for distribution across the country.
BIDA executive chairman Kazi M Aminul Islam said “such investment from Middle East is very encouraging. We are ready to provide all sorts of cooperation to facilitate such investment in our country.”
Cosmopolitan Oil Refinery Management Limited (CPORML) is the local partner for this 100 per cent FDI-based project.
It may be mentioned that Hi-Tech International Group (HTIG) of Saudi Arabia and CPORML of Bangladesh signed the deal to implement the project in 2008 within 40 months.
The plant will be set up with 100 per cent foreign direct investment and it will import crude oil from Saudi Arabia. The entire final product will be exported to neighbouring counties, they added.