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FINANCIAL NEWS
Saudi Marasel to set up JV with Bangladesh firm
30 Aug 2010
(MENAFN) Bangladesh’s biggest private sector industrial conglomerate Beximco said that it has set up a joint venture with a Saudi firm to invest nearly $1 billion for upgrade of Bangladesh’s sole oil refinery, Reuters reported.
Beximco and Marasel Company of Saudi Arabia will jointly submit interest for funding an upgradation project of the Eastern Refinery Limited.
State-owned Bangladesh Petroleum Corporation (BPC) invited offers in July from international firms and financial institutions to finance the $900 million project near Chittagong port.
It is noteworthy that Marasel Company is owned by Saudi Prince Salman Bin Sultan Bin Abdul Aziz Al-Saud and has large investments in various sectors, mainly in energy.
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