IsDB, Bangladesh sign $1bn financing agreement to augment domestic refining capacity
Saudi-based Islamic Development Bank (IsDB) and Bangladesh have signed a $1 billion financing agreement to expand its eastern refinery project.
The project, which is expected to be completed in five years, will add three million metric tons of annual refining capacity to reach 4.5 million metric tons per annum.
The upgraded refinery will process a broader range of crude oils and produce 15 types of refined petroleum products. It is expected to support a 5% reduction in the cost of major petroleum products and enable production to meet Euro 5 standards, replacing the current Euro 2 grade, the lender said in a statement.
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