According to a recent report by Bloomberg News on Friday (21 July), Bangladesh’s state-owned energy companies are looking to secure a loan of $900 million from the International Islamic Trade Finance Corp (ITFC) based in Jeddah, Saudi Arabia.
Bangladesh Petroleum Corp (BPC) intends to borrow $400 million specifically for importing petroleum products. This comes in addition to the existing $1.4 billion annual financing plan, which was signed by ITFC and the Bangladesh government in May. The primary purpose of this financing plan is to facilitate the import of petroleum products from BPC throughout the period between July 2023 and June 2024.
In addition to BPC’s loan, state-owned Petrobangla is also seeking to borrow $500 million from ITFC. This financial injection will be utilized for importing liquefied natural gas, as mentioned in a government document cited by the Bloomberg report. The move highlights Bangladesh’s efforts to bolster its energy sector and meet the country’s growing energy demands.
