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Saudi firm offers to build $2.5 B refinery in Bangladesh

CaPtAiN_pLaNeT

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Saudi firm offers to build refinery in Bangladesh


Mon, Nov 21st, 2011 3:26 pm BdST

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DHAKA, Nov 21 (bdnews24.com/Reuters) - Saudi Aramco has proposed building an oil refinery in Bangladesh at an estimated cost of $2.5 billion, a senior energy official has said.

He said on Monday that the proposal was made when a Saudi Aramco delegation visited Dhaka last week and met officials at the ministry of power and energy.

"The ministry will examine the proposal and take a decision as soon as possible," the official told Reuters, requesting anonymity.

Saudi Aramco is a leading Saudi Arabian oil firm which produces, manufactures, markets and ships crude oil, natural gas and petroleum products to buyers around the world.

It supplies crude oil to Bangladesh regularly, the official said.

If a deal is finalised, Saudi Aramco will build the second oil refinery in Bangladesh. It will have an annual capacity to refine up to 8 million tonnes of crude.

Bangladesh's state-run Eastern Refinery Limited in Chittagong port city has a capacity to refine 1.4 million tonnes of crude a year.

Bangladesh will double its oil imports to nearly 6.5 million tones in the fiscal year ending June 2012 to run oil-fired power generating plants and meet increased demand by manufacturing firms.

Bangladesh's demand for fuel oil increases annually by more than 6 percent a year, officials said.

bdnews24.com/rn/1520h
 
ARAMCO is really a giant company of saudi Arabia. It undertakes also many non-oil projects like construction of Cities etc. I wish they come and invest. But, I do not really expect them to be in Bangladesh. Saudi eyes are always looking for opportunities in western countries. Saudis like to iter-act and mingle with the westerners. They are successful in that, because their money can bring them those opportunities. Now, since the entire europe and west are facing economic downfall, Aramco may consider to invest in poor Bangladesh and other south asian countries.
 
Here the article is mentioning that it will be the second refinery....

If a deal is finalised, Saudi Aramco will build the second oil refinery in Bangladesh. It will have an annual capacity to refine up to 8 million tonnes of crude.

Any idea which was the first one???

Heard about that Beximco and a Saudi company will upgrade the Eastern Oil Refinery with an estimated cost of $1 Billion USD. But that is not Saudi Aramco. So which one it is???

Saudi, Bangla firms planning oil refinery JV

Home Page - Gulf in the Media

Saudi Gazette - 31 August, 2010

Beximco, the largest private sector industrial conglomerate in Bangladesh, said it has set up a joint venture with a Saudi firm to invest nearly $ 1 billion for upgradation of Bangladesh’s sole oil refinery.
“Beximco and Marasel Company of Saudi Arabia will jointly submit interest for funding an upgradation project of the Eastern Refinery Limited,” a statement from Beximco said.
 
I didnt know that there was a oil refinery in bd.

However the addition of a new one will do wonders for bd. :)
 
Bangladesh has only one refinery, Eastern Refinery. It was built sometime in the mid '60s during Pakistan time. It is one of those industries that were built during Pakistan time, but has not yet been dismantled by the political party cronies. It is located in Patenga of Chittagong. Its capacity is now being enlarged with the addition of new storage tanks and a processing plant. Moreover, a crude oil intake platform will be built in Cox's Bazaar about 90 km away from the refinery.

At present, crude oil is transfered from big tanker ships to small tankers that carry the crude to Eastern Refinery. However, since the efficiency is very low in this system, therefore, a new pipeline will connect the refinery with the intake platform in Cox's Bazaar.
 
Saudi Aramco denies it plans Bangladesh refinery

Tuesday, 22 November 2011 Author / Source : Reuters The head of state-run Saudi Aramco denied it was considering construction of an oil refinery in Bangladesh after a senior Dhaka energy official said on Monday the proposal had been raised last week.

“This is not true. There is no discussion at all about refineries in Bangladesh,” Khalid al-Falih, Aramco’s chief executive officer, told reporters in Riyadh.


Earlier, Reuters reported that the proposal to build the refinery at an estimated cost of $2.5 billion was made when a Saudi Aramco delegation visited Dhaka last week.
 

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