1.5 million tons of crude oil would be imported by Bangladesh from Saudi Arabia and the UAE

In 2024 1.5 million tons of crude oil will be imported by Bangladesh from Saudi Arabia and the United Arab Emirates. A proposal in this regard was in principle adopted by the Cabinet Committee on Economic Affairs during a virtual meeting with Finance Minister AHM Mostafa Kamal.

The Ministry of Power, Energy, and Mineral Resources Division moved the proposal of the state-owned Bangladesh Petroleum Corporation, stating that the crude oil will be imported through the direct purchase method. This means that no tender or competitive bidding process was used to select the supplier.

The plan said that Adnoc, a company located in the United Arab Emirates, and Saudi Aramco would supply all of the crude oil.

Sayeed Mahbub Khan, the additional secretary of the Cabinet Division, told reporters that the proposal for in-principle approval did not include any reference to the price or cost of petroleum while providing an update on the outcomes of the Cabinet body's meeting.

Approximately 6.5 million tonnes of petroleum oil must be imported by Bangladesh each year. Roughly 1.5 million of these are crude, with refined petroleum making up the balance.

A different proposal from the Bangladesh Hi-Tech Park Authority, which is part of the Department of Information and Communication Technology, was accepted in principle by the Cabinet body. This plan was to assign a private business to manage and maintain the "Vision 2041 Smart Tower" located in Kawranbazar, Dhaka. Following construction, the building will be operated by the corporation as part of the "Digital Entrepreneurship and Innovation Eco-System" project.