SG Oil signs $120m edible oil export MoU with Indian firm
SG Oil Refineries Limited, a 100% export-oriented edible oil refining company located in the Mongla EPZ, has signed a Memorandum of Understanding with the Indian importer KST Argotrade Private Limited to expand its edible oil export operations.
Under the agreement, the company has set a target to export edible oil worth around $120 million annually against advance telegraphic transfer payments.
Through the initiative, SG Oil Refineries Limited expects to secure foreign exchange earnings and attract foreign investment.
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Representatives of KST Argotrade Private Limited, including the company's directors, were present at the MoU signing ceremony.
Representing SG Oil Refineries Limited were its Chairman, Brigadier General (Retd) Sarwar Jahan Talukdar; Managing Director, Waheduzzaman Ahmed Lelin; Chief Director Officer, Shafiul Azam Talukdar; Manager, Md Tanimul Islam; Assistant Manager, Atikur Rahman; and other senior officials of the company.
Stakeholders said the MoU would strengthen the country's export sector and help reduce the trade deficit with India by increasing foreign currency earnings.
They also said the agreement is expected to play an important role in generating employment opportunities.
The stakeholders expressed optimism that the agreement would enhance the global standing of Bangladesh's edible oil industry and strengthen its position in international markets.
