Kuwait- Bangladesh joint venture to invest $10.39m in BEPZA Economic Zone

KB Petrochemicals Limited, a Kuwait-Bangladesh joint venture company, will invest 10.39 million US dollars to establish a Lubricating Oil Blending Plant in BEPZA Economic Zone.

Bangladesh Export Processing Zones Authority (BEPZA) signed a land lease agreement on Tuesday with KB Petrochemicals Limited to set up an industry in the economic zone.

The signing ceremony was held at BEPZA Complex in Dhaka, reports UNB.

The company will create employment opportunities for 129 Bangladeshi nationals. The industry will produce 20,000 tonnes of finished lubricants.

In presence of Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) Ali Reza Mazid, and Managing Director of KB Petrochemicals Limited Jahangir Hossain Patwary signed the agreement on behalf of their respective organisations.

Executive Chairman, BEPZA thanked the agreement signing company- KB Petrochemicals to invest in BEPZA Economic Zone.

BEPZA Executive Chairman said that BEPZA is now one of the most successful organisations in the country considering its experience, capabilities, expertise, and professional excellence achieved during the journey of 40 years in serving the country's export-oriented industries.

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, PBGM, and Chairman of KB Petrochemicals Limited Mr. Kannan Naser Al Naser were present during the signing ceremony.