A joint venture agreement of 'Saudi Bangla Integrated Cement Company Limited' between Bangladesh Chemical Industries Corporation (BCIC) and EDII was signed at BCIC Bhaban, Dhaka recently. 'Saudi Bangla Integrated Cement Company Limited' begins commercial operation by June 2023 at Chhatak in Sunamganj.
The total investment in the project has been estimated at $353 million, according to Mr. Golam Mostafa, Country Representative of Engineering Dimension International Investment LLC (EDII).
He said the project will cater to the demand of the clinker-based cement factories in Bangladesh by supplying four million tons of clinker per annum against the country's import of nineteen million tons per annum and save US dollar 225 million in foreign exchange annually.
The project is expected to create employment opportunities for 700 people (directly and indirectly).
A ceremony to mark the signing of a joint venture agreement of 'Saudi Bangla Integrated Cement Company Limited' between Bangladesh Chemical Industries Corporation (BCIC) and EDII was held at BCIC Bhaban, Dhaka recently.
"Following the visit of Prime Minister Sheikh Hasina to the Kingdom of Saudi Arabia in October, 2018, an MOU was signed for setting up a cement and clinker manufacturing factory in Chhatak, Sunamganj. After a detailed feasibility study by Singapore-based DG Infratech Pte. Ltd., the two institutions have finally signed the agreement to implement the project," Golam Mostafa told the FE on Wednesday.
The agreement was signed by Mr. Mustafizur Rahman, Chairman of BCIC, and Mr. Hejji Mohammad Najeeb M, President & CEO of EDII digitally / virtually.
Mr. Golam Mostafa and other officials led by Mr. Yaseer Mahmud were present at the signing ceremony. Senior officials from the Ministry of Industries of the GOB and BCIC were also present to grace the occasion. The representative of DG Infratech Pte. Ltd., Singapore, Mr. Syed Javed Iqbal attended.
Driven by the favourable economic conditions in Bangladesh for its cement industry, a group of Saudi Investors and BCIC agreed to move ahead with the plan of setting up an integrated cement manufacturing plant with state-of-the-art technology.
The production capacity of the proposed plant will be 12,000 tons of clinker & 3,000 tons of cement per day based on supply of limestone from the neighbouring state of Meghalaya, India, through a long conveyor belt.
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