Bangladesh will import 1.5 million (15 lakh) metric ton of crude oil from Saudi Arabia and United Arab Emirates (UAE) for the year 2024.

The Cabinet Committee on Economic Affairs (CCEA) in a virtual meeting, with Finance Minister AHM Mostafa Kamal, in-principle approved a proposal in this regard.

As per proposal of the state-owned Bangladesh Petroleum Corporation (BPC), moved by the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources, the crude oil will be imported through direct purchase method (DPM) which means there was no tender or competitive bidding process in selecting the supplier.

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The proposal mentioned that Saudi Aramco and UAE-based Adnoc will supply the total crude petroleum.

While briefing reporters about the outcomes of the Cabinet body's meeting, additional secretary of the Cabinet Division Sayeed Mahbub Khan informed that the cost or price of petroleum was not mentioned in the proposal as it came for in-principal approval.

Bangladesh needs to import about 6.5 million metric ton of petroleum oil annually. Of this, about 1.5 million is crude and the remaining amount is refined petroleum.

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The Cabinet body approved, in-principle, another proposal -- of Bangladesh Hi-Tech Park Authority under the Department of Information and Communication Technology -- to appoint a private company for operation and maintenance work of its “Vision 2041 Smart Tower” in Kawranbazar, Dhaka. The company will operate the building under the "Digital Entrepreneurship and Innovation Eco-System" project after its construction work.