On March 25, 2024, the International Islamic Trade Finance Corporation (ITFC) of Saudi Arabia, a division of the Islamic Development Bank, finalized a financing agreement worth $1.4 billion with the Government of Bangladesh. Representatives from ITFC and Bangladesh Petroleum Corporation (BPC), the state-owned entity responsible for importing and marketing fuel oil, attended the signing event. This financing arrangement will facilitate BPC’s oil product imports from July 2023 to June 2024, as per the Saudi Press Agency (SPA). ITFC stated that the plan aims to support BPC in procuring petroleum products and contribute to the development of Bangladesh’s energy infrastructure. Furthermore, SPA reported that the funds will be allocated to various sectors associated with enhancing Bangladesh’s energy sector. The signing ceremony coincided with an official visit by a prominent delegation from Bangladesh to the ITFC headquarters.

The state-owned oil corporation has outlined its import projections for various petroleum products in 2024. These include approximately 4.29 million metric tons (mt) of 0.005% sulfur gasoil, 630,000 mt of jet A-1 fuel, 350,000 mt of 95 RON gasoline, 1.15 million mt of high sulfur fuel oil (HSFO) with 3.5% sulfur, and 90,000 mt of 0.5% sulfur marine fuel. As per a BPC official, nearly half of these refined oils will be procured through international tenders, while the rest will be acquired through government negotiations with state-run oil suppliers globally. Additionally, Bangladesh’s private sector is anticipated to import approximately 3.0 million mt of 180 CST high sulfur fuel oil containing 3.5% sulfur. In 2024, BPC is expected to import around 1.5 million mt of crude oil,........

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