$1 Billion Financing Agreement Signed for Eastern Refinery Modernization

The government has decided to build the second Eastern Refinery unit to increase the nation’s fuel oil refining capacity. This project will get $1 billion in funding from the Islamic Development Bank (IsDB). To do this, a project agreement was signed on Thursday afternoon, September 3, in the Prime Minister’s Office in the Secretariat.

PM Tarique Rahman and IsDB Group Chairman Dr. Muhammad Al Jasser signed the contract for the $1 billion funding of the Eastern Refinery Modernization and Expansion Project. This information was provided by the PM’s deputy press secretary, Mr. Mostafa Zulfikar Hasan. The Eastern Refinery Modernization and Expansion Project will get $1 billion in funding under the deal. Officials hope that the project will significantly increase the capacity of the nation’s energy sector once it is officially put into service.