The Bangladesh Export Processing Zone Authority (BEPZA) has signed an agreement with KB Petrochemicals Limited, a Kuwait – Bangladesh joint venture, on 21 February 2022. The company will set up a lubricating oil blending plant at the Mirsharai BEPZA Economic Zone. An investment of $10.39 million will be made for this project.

The agreement between BEPZA and KB Petrochemicals is the doorway to receiving investment from four more companies that corroborate to invest $50 million in Bangladesh. Besides investing in Bangladesh, this project will create job opportunities for 23,453 Bangladeshis. Furthermore, with the agreement with KB Petrochemicals, the production of 20,000 tonnes of lubricants will be ensured.

The BEPZA has always welcomed the inclusion of manufacturing industries that produce diversified products, and its experience of 40 years has helped it become a globally recognized brand. BEPZA looks forward to serving the country’s export-oriented industries.

Source: The Business Standard