News Briefs (20-07-2019)

China to invest $2.0m in Mongla EPZ

A Chinese company will invest US$ 2.0 million to establish a packaging manufacturing factory in Mongla Export Processing Zone. The Chinese company, Dongguan Bluebox Industries Bangladesh Limited, would produce annually 5.0 million pieces of jewelry box, watch box, gift box and packaging display. The fully foreign-owned company would also create job opportunity for 1,140 local people in the factory, said a press release of Bangladesh Export Processing Zones Authority (BEPZA) recently. To this end, BEPZA and Dongguan Bluebox Industries Bangladesh signed an agreement at BEPZA Complex. Zillur Rahman, Member (Investment Promotion) of BEPZA and Li Xin, Managing Director of Dongguan Bluebox, signed the deal. BEPZA organised an investment promotional seminar in China and Hong Kong recently. The investment is an outcome of this seminar, as the Chinese firm got interest to invest in Bangladesh knowing about the investment-friendly environment prevailing in the country, according to the press release. — BSS

Italian, Chinese majors vie in Pak LNG tender

LONDON/SINGAPORE, July 19 : Italian oil major Eni, China's overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from $5.0 billion to $6.0 billion according to Reuters calculations and the estimates of another source based on current market conditions, was issued last month and closed on Thursday. Pakistan is expected to be a significant growth driver in global LNG demand, with WoodMac estimating the country will need 25 million tonnes a year as domestic supplies dwindle and its economy grows. That would make it a top-five LNG buyer. The companies that placed the offers are Eni, the trading arm of Azeri state oil company SOCAR, PetroChina International Singapore, a unit of PetroChina Co Ltd and global trading house Trafigura, the sources said. — Reuters