B’desh bor­rows $105m from IDB to up­grade re­fin­ery

The Pak Banker - - Company& -

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

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