KB Petrochemicals Limited, a Kuwait-Bangladesh joint venture, will set up a lubricating oil blending plant, investing $10.39 million, at the Mirsharai Bepza Economic Zone.
The Bangladesh Export Processing Zones Authority (Bepza) yesterday signed a land lease deal with the company at its complex in the capital.
The agreement with KB Petrochemicals comes on the heels of deals with four other companies that ensured an investment of $50 million and employment opportunities for 23,453 Bangladeshi nationals.
KB Petrochemicals hopes to create employment for 129 people and produce 20,000 tonnes of finished lubricants annually, says a press release.
Bepza Member (Investment Promotion) Ali Reza Mazid and Managing Director of KB Petrochemicals Jahangir Hossain Patwary signed the agreement in the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman.
Mentioning the government's investment policy for product diversification, Ziaur Rahman said, "Bepza always welcomes high-end and diversified products manufacturing industries for investment in the Bepza Economic Zone."
He said with Bepza's 40-year experience in serving the country's export-oriented industries, the organisation has gained investors' confidence and has become a brand in the global arena.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam, Project Director of Bepza EZ Md Hafizur Rahman, Executive Director (Security) Lt Col ASM Quamruzzaman, and Chairman of KB Petrochemicals Limited Kannan Naser Al Naser were present at the signing ceremony.
Prime Minister Sheikh Hasina unveiled the foundation stone of Bepza Economic Zone established on 1,138.55 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsharai, Chattogram on 24 January 2018. So far, 643 applications for plot allotment have already been submitted for investment. Bepza has allotted 154 plots provisionally against 19 companies, of which 31 plots have been allotted to six industries.