UNB, Dhaka :
The Cabinet Purchase Committee on Sunday approved an Energy Division’s proposal to import 1.3 million metric tonnes of crude petroleum from Saudi Arabia and Abu Dhabi for the current calendar year.
The approval came from a meeting of the Cabinet body held with Finance Minister AMA Muhith in the chair.
Of the bulk petroleum, some 600,000 metric tonnes will be bought from Saudi Arabia’s state-owned company Saudi Aramco, while the remaining 700,000 mt from Abu Dhabi’s National Oil Company – (ADNOC).
Saudi Arabia will provide Arabian light crude oil, while Abu Dhabi’s petroleum Barban crude oil.
After the import, the crude oil will be refined by the state-owned Eastern Refinery for countrywide supply.
Bangladesh has standing agreements for a long time with both Saudi Arabia and Abu Dhabi to import the crude oil. But, every year the contracts need to be renewed by both sides to make those effective for one year import, said Energy Division officials.
