$1 billion deal signed with IDB for Eastern Refinery expansion

A nearly $1 billion financing agreement has been signed between Bangladesh and the Islamic Development Bank (IsDB) Group for the modernisation and expansion of the Eastern Refinery. The agreement was signed at the Bangladesh Secretariat on Thursday, September 3, in the presence of Prime Minister Tarique Rahman and IsDB Group Chairman Dr Muhammad Al Jasser.

The agreement was signed on behalf of the Bangladesh government by Dr Md Mizanur Rahman, additional secretary of the Economic Relations Division under the Ministry of Finance, and on behalf of the IsDB Group by Anasse Aisami, director general (Country Programmes) of the organisation .

The event was attended by Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Finance and Planning Adviser Rashed Al Mahmud Titumir, Power, Energy and Mineral Resources State Minister Anindya Islam Amit, and State Minister for Foreign Affairs Humayun Kabir, along with senior officials from various government ministries and departments . Senior officials of the IsDB Group were also present.

Upon implementation, the project will add an annual refining capacity of 3 million metric tonnes of crude oil at the Eastern Refinery, enabling it to meet approximately 45 to 50 percent of the country's demand for petroleum products . The project is planned for completion by November 2030 .

Following the signing ceremony, IsDB Group Chairman Dr Muhammad Al Jasser paid a courtesy call on Prime Minister Tarique Rahman at the Prime Minister's Office. Their discussions covered the longstanding development partnership between Bangladesh and the IsDB, economic development, and expanding cooperation in investment and infrastructure sectors .