$1 billion agreement signed for Eastern Refinery expansion in Prime Minister's presence

Photo: Collected

**News Desk:** The government has signed a $1 billion (100 crore dollar) agreement with the Islamic Development Bank for the modernization of the state-owned Eastern Refinery.

The agreement was signed today, Thursday, at the Bangladesh Secretariat in the presence of Prime Minister Tarique Rahman and Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group.

Dr. Md. Mizanur Rahman, Additional Secretary of the Economic Relations Division of the Ministry of Finance, signed on behalf of the Bangladesh government, while Anasi Aisami, the organization's Director General (Country Programs), signed on behalf of the Islamic Development Bank Group. This was announced by Gazi Shahriar Pamir, Assistant Press Secretary to the Prime Minister.

Those present at the event included Finance and Planning Minister Amir Khasru Mahmud Chowdhury; the Prime Minister's Finance and Planning Adviser Rashed Al Mahmud Titumir; State Minister for Power, Energy and Mineral Resources Anindya Islam Amit; State Minister for Foreign Affairs Humayun Kabir; the Prime Minister's Adviser on Education, Expatriate Welfare and Labour and Employment Mahdi Amin; the Prime Minister's Adviser on Posts, Telecommunications and IT and Science and Technology Rehan Asif Asad; Special Assistant to the Prime Minister Tanvir Gani; Cabinet Secretary Nasimul Gani; and the Prime Minister's Principal Secretary ABM Abdus Sattar, along with senior officials from various ministries and departments.

Senior officials of the Islamic Development Bank Group were also present at the signing ceremony.

Under the project, Eastern Refinery's crude oil refining capacity will increase by an additional 3 million metric tons per year.

Once implemented, the project will be able to meet around 45 to 50 percent of the country's petroleum product demand. It is planned to be completed by November 2030.

After the signing ceremony, IsDB Chairman Dr. Muhammad Al Jasser paid a courtesy call on Prime Minister Tarique Rahman at his office in the Secretariat.

During the meeting, they discussed Bangladesh's longstanding development partnership with the Islamic Development Bank, the country's economic development, and further expanding cooperation in investment and infrastructure, among other matters of mutual interest.

Both sides expressed hope that cooperation and development partnership between Bangladesh and IsDB would be further strengthened in the future.