The Kuwait Petroleum Corporation (KPC) is planning to launch large investments in Bangladesh, specifically in oil storage and refinery construction, the official KUNA news agency reported on Tuesday.

Kuwaiti Ambassador to Bangladesh, Abdel-Latif Ali Al-Mawash, was quoted as saying that the KPC would launch investments jointly with the state-owned Bangladesh Oil Company.

The ambassador said that a high-ranking delegation representing KPC would visit Bangladesh from June 11 to discuss joint projects between the two countries.

"The joint projects would take place in cooperation with the Kuwait Fund and the KPC and under the auspices of Deputy Prime Minister and Foreign Minister Sheikh Mohammad Al-Sabah and Energy Minister Ahmad Fahd Al-Ahmad Al-Sabah," said the ambassador.

Oil-rich Kuwait provides Bangladesh with all its fuel requirements, including Benzene, Kerosene, diesel and aviation fuel, according to KUNA.

State-owned KPC oversees upstream and downstream sectors in Kuwait, which possesses nearly a tenth of global proven oil reserves and has three domestic refineries with a total crude refining capacity of up to about 930,000 barrels per day.

Source: Xinhua