The Bangladeshi government Monday approved the purchase of 1.4 million tons of crude oil at a cost of 600 million US dollars for the current year, local newspaper The Daily Star reported Tuesday.

The cabinet committee meeting chaired by Finance Minister Saifur Rahman decided that 700,000 tons of crude oil will be imported from Saudi Arabia and another 700,000 tons from the United Arab Emirates.

Islamic Development Bank will partly finance the purchase and the government will provide the rest, Saifur said.

Last year the government imported 1.3 million tons of crude oil.

Source: Xinhua