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Russian delegation to visit Bangladesh over crude oil import: Foreign Secretary

Black_cats

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Russian delegation to visit Bangladesh over crude oil import: Foreign Secretary

ECONOMY

TBS Report
16 August, 2022, 09:20 pm
Last modified: 16 August, 2022, 09:22 pm


Masud Bin Momen. Photo: Collected
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Masud Bin Momen. Photo: Collected

Masud Bin Momen. Photo: Collected

Foreign Secretary Masud Bin Momen has said that an expert delegation from Russia will be visiting Dhaka soon to decide on the issue of crude oil import from there.

"Russian experts will visit the existing oil refineries in Bangladesh and analyse the methods and usefulness of oil imported from Russia refining here," he told the journalists at Foreign Ministry Tuesday (16 August).

India is importing fuel oil from Russia, so Bangladesh may not have any technical problems in importing fuel oil from there, he added.

However, the foreign secretary mentioned that the country may lack capacity.

"If we can acquire the capacity to refine Russian crude oil, then we can also import oil from there. But that might be a bit time-consuming."


Masud Bin Momen said the delegation will observe the local refineries during their visit.

"We will work on updating the technical barriers that exist. We will soon sit with other ministries. Necessary coordination works will be completed swiftly," he told the journalists.

The foreign secretary noted that, in line with the instruction of Prime Minister Sheikh Hasina, the foreign ministry has started looking for cheaper oil sources across multiple regions.
 

bluesky

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Russian delegation to visit Bangladesh over crude oil import: Foreign Secretary
In my humble opinion, BD has three options:

1) Not to buy Russian oil. It will have only short-term gains. But, if America decides to put sanctions on the country called Bangladesh, then there is a possibility that BD will lose the entire Western textile market.

2) Buy via India: So, in order to avoid American sanctions, BD should buy Russian only via India. India buys the crude and refines it in its oil refineries and sells the fuel products to BD.

I believe that if India is ready to accept, BD should choose the second proposition. BD may lose some money if it buys via India but the other option of buying directly from Russia by a dependent country will not be taken well by America.

3) There is another option, that is, to sit with America, explain the present economic difficulties BD is going through, and request understanding and leniency.

America looking the other way is the best.

Whatever our Alga Momen and Benazir say, it is impossible for BD to maneuver an American sanction.
 

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