B’desh borrows $105m from IDB to upgrade refinery
DHAKA: The Islamic Development Bank will finance the modernization of Bangladesh refinery which was established 40 years ago. The loan will reach $105 million.
The Islamic Development Bank which is headquartered in Jeddah loaned Bangladesh $105 million to finance the modernization of the only refinery owned by the country, according to a senior official. The refinery which is owned by Eastern Refinery Limited and established 40 years ago can cleanse 1.5 million tons of crude annually. Bangladesh is seeking a loan of $ 300 million from the Islamic Development Bank to increase the capacity of the refinery which is located in the port city of Chittagong to 4.5 million tons. Bangladesh imports from 3.4 to 3.8 million tons of fuel products annually including about 1.5 million tons of crude. -PB News
MUZAFFARABAD: PML-N Chief Muhammad Nawaz Sharif addressing a public gathering at the inauguration ceremony of establishment of PML-N in Muzaffarabad. -App