Saudi Ambassador Essa Youssef Essa Al Duhailan delivers a speech at a report launch ceremony held today at the Foreign Ministry. Photo: Foreign Ministry

DHAKA, Jan 05, 2025 (BSS) – Saudi Arabia’s state-owned oil giant, Aramco, has expressed interest in setting up an oil refinery in Bangladesh, which could significantly impact the Bay of Bengal region, Saudi Ambassador Essa Youssef Essa Al Duhailan said 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,” he said.

The envoy made the remark while speaking at launching of a report titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-Term Growth Prospects” at the foreign ministry here. 

The proposed refinery is expected to meet Bangladesh’s growing demand for petroleum products and serve the broader regional market, bringing transformative changes to the energy landscape, the ambassador noted.

 “If a maritime route is established between Chattogram and Jeddah or Dammam, it could bring transformative changes to Bangladesh and the region,” he said, adding that the refinery’s products could also be exported to China, India, and other neighboring countries.

“We have some success stories. Our international company, Red Sea Gateway Terminal, is operating the Patenga terminal and is interested in working at the Matarbari deep-sea port,” the envoy mentioned. 

The ambassador recalled that Aramco with a high profile delegation visited Bangladesh thrice between the years 2016-2018, noting that nobody received them. 
“But we will not talk about the past. We will talk about the future,” he said.  

The foreign ministry hosted the launching ceremony where Finance and Science and Technology Adviser Dr Salehuddin Ahmed spoke as the chief guest while Foreign Affairs Adviser Md Touhid Hossain joined as the special guest with Foreign Secretary Md Jashim Uddin in the chair. 

Foreign ministry’s secretary (East) Dr Md Nazrul Islam delivered welcome remarks while and Policy Exchange Chairman Masrur Riaz made a presentation on the salient features of the report.

Terming Bangladesh-Saudi Arabia relations multidimensional, the Saudi envoy said his country never said no to Bangladesh and Bangladesh also never said no to the Kingdom of Saudi Arabia.

Highlighting the importance of deeper political and economic engagement, he said these two things should go together for greater cooperation and collaboration.

“We have unique relations…we have many success stories,” said the Saudi Ambassador, seeking greater collaboration in the areas trade, investment, culture, tourism and other areas.

He said Bangladesh is a green field for investment, both for the Saudi companies and companies around the world.

The ambassador laid emphasis on working together to create more success stories in Bangladesh-Saudi Arabia relations.    

He said they have the biggest renewable energy company in the world named “ACWA Power” and they are willing to come to Bangladesh to invest around US$3.5 billion.

The ambassador pointed out that this is a time of change for Bangladesh, with reform initiatives underway. “Reforming government procedures is the key to attracting investment,” he said.

He noted the challenges those were posed by bureaucratic delays, explaining that processes often require moving from the Prime Minister’s Office to the minister's office, then to secretaries and civil servants, where they frequently get stuck.
“There are some people who are looking for their own interest, not the country’s interest,” he said, adding that it is a big challenge for any country.

The ambassador said they have a zero tolerance to corruption or any such barriers.  

The report, made by the foreign ministry, delved into the multifaceted dimensions of the Bangladesh and Saudi Arabia partnership, examining both the current state and the potential for future economic cooperation.

It explored the opportunities available for enhancing Bangladesh's exports to Saudi Arabia, as well as the nature and scope of imports from the oil-rich country that can benefit Bangladesh's economy. 

Additionally, the report identified key sectors in both countries that hold significant promise for mutual investment, underscoring the potential for growth in bilateral trade and investment flows.

As with any economic partnership, challenges exist that could hinder the full realization of this potential, the study highlighted these obstacles and provided strategic recommendations to overcome them, aiming to elevate the economic partnership to new heights. 

The report is expected to serves as a comprehensive guide for policymakers, businesses, and investors from both countries, offering insights into how the economic ties between Bangladesh and Saudi Arabia can be strengthened for mutual benefits.