Saudi Aramco has proposed the construction of a refinery in Bangladesh at an estimated cost of US$ 2.5 billion, according to a senior energy official. The company regularly supplied crude to Bangladesh, and this proposed deal would build on this relationship.
If a deal is finalised, Saudi Aramco will build the second oil refinery in Bangladesh. It will have an annual capacity to refine up to 8 million tpy of crude.
Currently, the only complex in the country is the state run Eastern Refinery Limited in Chittagong port city, which has a capacity to refine 1.4 million tpy of crude.
Bangladesh will double its oil imports to nearly 6.5 million tones in the fiscal year ending June 2012 to run oil fired power generating plants and meet increased demand by manufacturing firms
Elsewhere, Guinea has approved a $2 billion plan by British firm Herman Trading to build a 150 000 bpd refinery. The plant will be built in the West African state’s western region of Boffa and will start producing at a reduced rate of between 6000 and 10 000 bpd from next year, before reaching full capacity after five years.
British, Indian and Guinean investors back the project by Herman Trading and first production is expected by May 2012. The country, which is currently entirely dependant on imports for both refined product and crude, will benefit from job creation and there are hopes that the project will signal Guinea’s emergence as an investment destination.
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