Pertamina, an Indonesian state-owned oil, gas and petrochemical company, is going to invest half a billion dollars in the lubricant market of Bangladesh.
The company announced the investment on Wednesday at a programme organised to celebrate the start of its journey in Bangladesh.
Nasrul Hamid, state minister for power, energy and mineral resources, was present as the chief guest at the programme.
He said Pertamina has entered the Bangladeshi market at the right time.
At present, Pertamina has operation in 20 countries and its annual turnover is about $43 billion.
"Business groups that are offering oil-based services will now be able to provide good service. The lubricant oil market will be competitive with the arrival of Pertamina," Nasrul said.
Speaking as the chief guest at the programme, the Indonesian ambassador to Bangladesh, Rina P Soemarno, said, "Bangladesh is a country that has potential. Pertamina's journey will contribute to the development of Bangladesh."
Among others, Dr Sultan Ahmed, secretary of the Power Division, was present at the programme.