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Dhaka lines up deal to get Aramco investment

Bangladesh is set to sign a memorandum of understanding (MoU) with Saudi Arabian oil behemoth Aramco on a multi-billion dollar investment in the power and energy sector, officials said.

Aramco, the national petroleum and gas company, is one of the largest companies in the world by revenue of $ 356 billion. According to Bloomberg, it is the most profitable company in the world.

"We`ve sent the draft of the MoU to Aramco for their scrutiny and after getting their feedback, we will sign," a senior foreign ministry official, who is dealing with the process, said.

He also said the deal has been prepared after taking inputs from the ministries concerned.

Primarily, Aramco has expressed its interest to invest in three projects --a large oil refinery with a capacity of between 10-20 million tonnes, a 500-megawatt power plant and liquefied natural gas (LNG) terminal.

In 2011, officials of the energy ministry told reporters about Aramco`s plan to build a refinery having the capacity of 1.8 million tonnes.

 

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