Saudi Aramco, the state-owned oil-giant, is mulling setting up an oil refinery in Bangladesh, with the Tadawul-listed ACWA Power also eyeing investments close to $3.5 billion.
The Saudi Ambassador to Bangladesh made the comments in Dhaka, the country’s state news agency reported.
According to Essa Youssef Essa Al Duhailan, the proposed refinery is expected to meet Bangladesh’s growing demand for petroleum products and serve the broader regional market.
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He added that a possible maritime route between Bangladesh’s Chattogram and Jeddah or Dammam could further allow the refinery’s products to be exported to China, India, and other neighbouring countries.
Al Duhailan also revealed Saudi Aramco’s renewable energy company ACWA Power is willing to invest around $3.5 billion in Bangladesh, a number significantly higher than the $2.5 billion in investments announced in 2019 to build a gas-run plant capable of generating 3,600MW of electricity.
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