Salman F Rahman invited Saudi companies to invest in Bangladesh

Prime Minister's Private Industry and Investment Affairs Adviser Salman F Rahman has invited Saudi firms to invest in Bangladesh, promising to set up a Special Economic Zone (SEZ) for investors from the Kingdom. Meeting in Riyadh attended by various renowned Saudi businessmen, chamber representatives, investors and local Bangladeshi businessmen

During a discussion on Saudi-Bangladesh trade and investment, organized by the Bangladesh Embassy at Marriott Hotel in Riyadh on Monday night, Salman spelt out the steps taken by the Sheikh Hasina government to attract foreign investment.He also offered to set up the SEZ for Saudi investors, as promised by the PM. "All facilities have been ensured for foreign investors," he said.

"Bangladesh is moving forward under the leadership of Prime Minister Sheikh Hasina. The government is working to make Bangladesh a high-income country by 2041 with the aim of building Bangabandhu's ‘Shonar Bangla’," Salman added.

Highlighting the friendly relations between Bangladesh and Saudi Arabia, Bangladesh's Ambassador in Riyadh Md Jabed Patwari said that the economic ties between the two countries would be further enhanced in the days to come.

Executive Chairman Sirajul Islam of the Bangladesh Investment Development Authority (BIDA), Executive Chairman Sheikh Yusuf Harun of the Bangladesh Economic Zones Authority (BEZA), and CEO of the Bangladesh Public-Private Partnership Authority (PPPA) Sultana Afroz also spoke about the economic development and investment facilities in Bangladesh. The meeting was also attended by various renowned businessmen, chamber representatives, investors and local Bangladeshi businessmen from Saudi Arabia.

Beximco LPG signed a deal with Jamuna Oil Company

 Beximco LPG Unit 1 said it had signed a deal with Jamuna Oil Company Ltd, a subsidiary of Bangladesh Petroleum Corporation, to sell its autogas by setting up pumps at the registered filling stations of the state-owned company. The signing ceremony took place at the Chottogram office of Jamuna Oil Company on. The agreement was signed by Gias Uddin Ansary, managing director of Jamuna Oil and Mrinal Roy, chief executive officer of Beximco LPG. 

Jamuna Oil and Bangladesh Petroleum Corporation will each receive a royalty of Tk0.50 per litre of LPG that is sold by Beximco LPG through their established Auto LPG pumps. 

According to the agreement, it will ensure rapid penetration of liquefied petroleum gas (LPG) for use in automobiles across the country. LPG is also known as autogas while is used in motor vehicles. 

Currently, Jamuna Oil has a network of 750 filling stations while Beximco LPG was granted 500 franchise licenses for Auto LPG stations and 25 licenses for Conversion Workshops by the Ministry of Energy and  Mineral Resources earlier in 2016, said a press release of the Beximco. 

Speaking at the ceremony, Mehedi Hasan, GM, sales and marketing of Beximco LPG, said, "This agreement with Jamuna Oil Company will stand as a milestone for the rapid progress and development of the automotive fuel sector of the country. He said Beximco LPG commits delivery of the best quality LPG mix of Propane and Butane to ensure that the fuel reaches the required Octane number and causes no damage to the engine of the vehicle. 

The number of refuelling stations for liquefied petroleum gas (LPG) or autogas and its consumption are growing fast with the big LPG players ramping up their operations as the government looks to cut dependency on other fossil fuels. The energy ministry has already given the approval for setting up 2,550 autogas stations across the country to 13 LPG operators, with many attaining permission to erect conversion centres for the fuel use mechanisms in vehicles.

The operators have already set up about 400 autogas stations with over 200 to 300 vehicles converting to LPG per day, according to industry people. Signing agreements with Bangladesh Petroleum Corporation's (BPC) three companies -- Padma Oil Company, Meghna Petroleum and Jamuna Oil Company, the operators are signing deals with registered refuelling stations of those companies for setting up autogas stations and supplying LPG.