Mittal group signs MOU for US$1.5 bln investment in petrochem projects in Bangladesh

Companies from the Mittal group, a business conglomerate with extensive interests in India and overseas, plans to invest US$2.9 bln in Bangladesh. A Mittal Group delegation has signed a memorandum of understanding (MOU) on the investments, which include US$300 mln for mine development, US$100 mln for oil exploration and production, US$500 mln for power plants, US$1.5 bln for petrochemicals and US$500 million for liquefied natural gas (LNG) and related projects. The MOU was signed between the state-run Board of Investment (BOI) and Global Oil & Energy Limited, UK, an offshore investment arm of IIL owned by Pramod and Vinod Mittal, relatives of steel magnate Lakshmi Mittal.
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