Dhaka Bank LTD organized a massive BDT 900 crore loan to Bashundhara Oil and Gas Company Ltd (BOGCL) to help set up a plant for refining crude petroleum products. Other lenders in the syndicated loan include the Southeast Bank, Social Islami Bank, NRB Bank, South Bangla Agriculture & Commerce Bank, and Saudi-Bangladesh Industrial and Agricultural Investment Company (Sabinco).
The plant is located in Keraniganj of Dhaka with an annual capacity of about 17 lakh tonnes, and will primarily refine crude oil to produce bitumen in addition to diesel, furnace oil, and naphtha.
The closure ceremony was held at a hotel on October 12 in Dhaka. Several prominent persons attended the program, including Ahmed Akbar Sobhan, chairman of Bashundhara Group, and Sayem Sobhan Anvir, managing director of BOGCL, Emranul Huq, managing director of Dhaka Bank, M Kamal Hossain, MD of Southeast Bank, Zafar Alam, MD of Social Islami Bank, Mamoon Mahmood Shah, MD of NRB Bank, Habibur Rahman, MD (current charge) of SBAC Bank, and Ahmed Ehsanul Karim, MD of Sabinco.
Emranul Huq, managing director of Dhaka Bank, stated, “BOGCL has already started production by setting up Unit 1 of the plant. The unit has a production capacity of five lakh tonnes, and the products the company will manufacture are completely import-substitution. So, the country’s foreign exchange reserves will benefit from the investment.” He expected that within December, unit 2 would move into production.