Saudi Aramco, the world’s largest oil company, plans to establish an oil refinery in Bangladesh, announced Saudi Ambassador Essa Youssef Essa Al Duhailan. Speaking at a foreign ministry event, the envoy emphasized Aramco’s commitment to exploring opportunities in the Bay of Bengal region, envisioning transformative impacts.
“We are talking about Aramco, the biggest oil company globally, and their willingness to invest in Bangladesh,” the ambassador stated. He shared the remarks during the launch of a report titled Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-Term Growth Prospects.
Refinery to Address Regional Energy Demands
The proposed refinery aims to meet Bangladesh’s increasing demand for petroleum products while serving regional markets, including India and China. “A maritime route between Chattogram and Jeddah or Dammam could revolutionize regional connectivity,” he added.
Highlighting existing collaborations, the envoy mentioned Red Sea Gateway Terminal’s operations at Patenga and interest in Matarbari deep-sea port. These projects reflect Saudi Arabia’s growing economic footprint in Bangladesh.
The ambassador recalled previous Aramco visits between 2016 and 2018 but emphasized a forward-looking approach. “Let’s focus on the future, not the past,” he stated.
Strengthening Bilateral Relations
The event featured notable participants, including Finance Adviser Dr. Salehuddin Ahmed and Foreign Affairs Adviser Md Touhid Hossain. Foreign Secretary Md Jashim Uddin chaired the session, while Dr. Md Nazrul Islam delivered welcome remarks.
Describing Saudi-Bangladesh ties as multidimensional, the envoy emphasized deepening economic and political collaboration for sustainable growth. He noted, “Bangladesh is a green field for investment, attracting global and Saudi companies alike.”
Saudi Arabia’s ACWA Power, the world’s largest renewable energy company, plans a $3.5 billion investment in Bangladesh. The ambassador stressed the importance of government reforms to attract further foreign investments.
He cited bureaucratic delays as challenges, urging streamlined processes for smoother investment flows. “Corruption and inefficiencies hinder development,” he remarked, reaffirming Saudi Arabia’s zero-tolerance policy on such barriers.
Insights from the Economic Report
The newly launched report outlines the potential for enhanced trade and investment between the two nations. It highlights opportunities for increasing Bangladesh’s exports to Saudi Arabia and identifies promising sectors for mutual investment.
The report also examines challenges and provides strategic recommendations to overcome them, aiming to elevate economic ties to unprecedented levels. It serves as a roadmap for policymakers and investors seeking to strengthen Saudi-Bangladesh relations.
With Saudi Arabia’s commitment to innovation and investment, coupled with Bangladesh’s economic potential, this partnership holds immense promise. Both nations stand to benefit significantly from collaborative efforts in trade, energy, and infrastructure.
