Bangladesh Secures $1 Billion Financing Deal for Oil Refinery Upgrade
Bangladesh has secured a $1 billion financing deal from the Islamic Development Bank to upgrade its sole oil refinery, Eastern Refinery. The project aims to expand the refinery's capacity by adding 3 million metric tons to its annual total, bringing it up to 4.5 million metric tons.
The new facility will allow for the processing of a broader range of crude oils and production of 15 types of refined petroleum products. Local refining is expected to save Bangladesh around $394 million each year.
According to IsDB Group Chairman Dr. Muhammad Al-Jasser, 'By expanding domestic refining capacity, the Eastern Refinery project will strengthen energy security, reduce dependence on imported refined petroleum products, and support cleaner fuel standards.'