Dhaka: Saudi Arabia’s state-owned oil company, Aramco, has shown interest in establishing an oil refinery in Bangladesh, a move that could significantly affect the Bay of Bengal region, Saudi Ambassador Essa Youssef Essa Al Duhailan announced today. “We are talking about Aramco, the biggest oil company in the world. They are willing to come to Bangladesh to build a refinery here,” the ambassador stated.
According to Bangladesh Sangbad Sangstha, the statement was made during the launch of a report titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges and Long-Term Growth Prospects” at the foreign ministry. The proposed refinery is anticipated to address Bangladesh’s increasing demand for petroleum products and cater to the broader regional market, bringing notable changes to the energy landscape.
“If a maritime route is established between Chattogram and Jeddah or Dammam, it could bring transformative changes to Bangladesh and the region,” the ambassador noted, adding that the refinery’s products could also be exported to China, India, and other neighboring countries. He mentioned the success stories of their international company, Red Sea Gateway Terminal, which operates the Patenga terminal and is interested in working at the Matarbari deep-sea port.
The ambassador recalled that Aramco visited Bangladesh three times between 2016 and 2018 but received no official reception. “But we will not talk about the past. We will talk about the future,” he remarked. The foreign ministry organized the launching ceremony, with Finance and Science and Technology Adviser Dr. Salehuddin Ahmed as the chief guest, and Foreign Affairs Adviser Md Touhid Hossain as the special guest, chaired by Foreign Secretary Md Jashim Uddin.
Foreign ministry’s secretary (East) Dr. Md Nazrul Islam delivered welcome remarks, and Policy Exchange Chairman Masrur Riaz presented the key features of the report. The Saudi envoy described Bangladesh-Saudi Arabia relations as multidimensional, emphasizing that both nations have never refused each other.
Highlighting the need for deeper political and economic engagement, the ambassador stressed that these aspects should advance hand in hand for greater cooperation. “We have unique relations…we have many success stories,” he said, advocating for enhanced collaboration in trade, investment, culture, tourism, and other areas.
The ambassador identified Bangladesh as a promising investment destination for Saudi companies and others worldwide. He emphasized the importance of working together to create more success stories in Bangladesh-Saudi Arabia relations. He mentioned ACWA Power, the largest renewable energy company globally, which is interested in investing around US$3.5 billion in Bangladesh.
The ambassador highlighted the ongoing changes in Bangladesh, noting that reform initiatives are crucial to attracting investment. He pointed out the challenges posed by bureaucratic delays, where processes often get stuck moving through various government offices. “There are some people who are looking for their own interest, not the country’s interest,” he said, identifying it as a significant challenge.
He emphasized Saudi Arabia’s zero tolerance for corruption or barriers of such nature. The report, prepared by the foreign ministry, examined the multifaceted dimensions of the Bangladesh-Saudi Arabia partnership, exploring opportunities for enhancing Bangladesh’s exports to Saudi Arabia and the scope of imports that could benefit Bangladesh’s economy.
The report also identified key sectors in both countries with significant potential for mutual investment, aiming to boost bilateral trade and investment flows. It acknowledged existing challenges that could obstruct the full potential of the partnership and provided strategic recommendations to overcome them, aiming to strengthen economic ties for mutual benefits.
The report is expected to serve as a comprehensive guide for policymakers, businesses, and investors from both countries, offering insights into how the economic relationship between Bangladesh and Saudi Arabia can be deepened for mutual benefits.