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Govt inks $1.0b loan deal with IsDB.
The Islamic Development Bank (IsDB) on Thursday confirmed $1.0 billion in loans to enhance Bangladesh's oil-refining capacity three times, officials say.
his will contribute to further strengthening the country's energy security, producing environment-friendly (Euro-5 standard) petroleum oil, and reducing dependence on imported refined fuel oil, they say.
Besides, this will allow the country to meet roughly 45-50 per cent of its domestic petroleum product demand.
Construction will begin by December 2026, and the project is targeted for completion by November 2030.
According to ERD, the 20-year loan features a five-year grace period and is split into two phases - $520.6 million for the first phase alongside a $600,000 grant, and $483 million for the second one.
It carries an interest rate of a six-month SOFR plus a 1.6 per cent spread, ERD officials say.
The expansion is projected to save Bangladesh $9-11 per barrel compared to importing pre-refined fuel, translating into an estimated annual savings of $237 million, Energy Division officials say.It will also enable the processing of a wider variety of crude oils, including Russian crude, and produce eco-friendly Euro 5-standard fuel, they add.
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Mazoezi ya Maandishi - Muda 327 - English
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