(MENAFN) Saudi Arabia’s Hi-Tech International Group (HTIG) and Cosmopolitan Oil Refinery Management Limited (CPORML) of Bangladesh signed a deal to set up a $3 billion oil refinery with a capacity to produce 300,000 barrels of oil products a day, Gulf News reported.
The plant will be set up with 100 percent foreign direct investment (FDI) and it will import more than five million tons of crude oil from Saudi Arabia, the companies said in a joint statement. The entire final product will be exported in neighboring counties, they added.
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 plant in the country, the statement said.
Bangladesh imports 3.8 million tons of fuel every year, including about 1.5 million tons of crude oil, officials said.
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