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Bangladesh Export Processing Zones Authority (BEPZA) on Tuesday signed a land lease deal with Kuwait-Bangladesh joint venture KB Petrochemicals to set up a plant at the BEPZA Economic Zone.
The joint venture will establish a lubricating oil blending plant with an investment of $10.39 million, creating employment for 129 Bangladeshis.
The plant will produce 20,000 metric tonnes of finished lubricants annually.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) Ali Reza Mazid, and KB Petrochemicals Managing Director Jahangir Hossain Patwary signed the agreement on behalf of their respective organisations.
The BEPZA executive chairman thanked KB Petrochemicals for investing in the BEPZA Economic Zone.
Mentioning the government’s investment policy on product diversification, he said, “BEPZA always welcomes high-end and diversified product manufacturing industries for investing in the BEPZA Economic Zone.”
Major General Abul Kalam also said BEPZA is now one of the most successful organisations in the country considering its experience, capabilities, expertise, and professional excellence achieved during its 40-year journey of serving the country’s export-oriented industries.
Investors’ confidence had made BEPZA a brand in the global arena, he added.
Ali Reza said in his welcome speech, “We hope this initiative will continue throughout the year considering the confidence of investors and the success of BEPZA.”
BEPZA 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, and Executive Director (Enterprise Services) Md Khorshid Alam were present.
Project Director of BEPZA Economic Zone Md Hafizur Rahman, Executive Director (Security) Lt Col ASM Quamruzzaman, and Chairman of KB Petrochemicals Kannan Naser Al Naser were also present.
