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The Financial Express

Foreign ministry starts searching cheaper sources of oil

| Updated: August 21, 2022 21:10:12


Foreign ministry starts searching cheaper sources of oil

In line with the instruction of Prime Minister Sheikh Hasina, Bangladesh's foreign ministry has started looking for cheaper oil sources.

The foreign ministry also keep Russia in mind as an alternate source as the PM on Tuesday questioned if India could procure oil from Russia, why not Bangladesh.

Commenting on the issue Foreign Secretary Masud Bin Momen told a group of reporters that Bangladesh lacks the capability to refine Russian crude oil.

“Our refineries are not equipped to refine Russian crude oil,” he said.

The foreign secretary informed that a team of experts would visit Bangladesh soon to assess the possibility of upgrading the local refineries so that Russian oil can be refined here.

But he admitted that it will take a long time.

In that case, the country will intensify its search in the middle-east.

We have very close ties with the oil-producing countries in the Middle East, and we can look for cheaper sources there, he said.

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