Bangladesh keen to import oil, gas from sanction-free Iran, Commerce Minister Tofail says

Bangladesh is keen to import oil and gas from Iran now that economic sanctions on the country have been lifted.

The state minister for power and energy will discuss the issue in detail during his visit to Iran in March, Commerce Minister Tofail Ahmed told the media after a meeting with an Iranian delegation on Wednesday.

"We have a gas crisis. We need LPG (liquefied petroleum gas) to overcome this. Iran also wants to sell us gas," Ahmed said.

"We have also decided to import oil provided Iran shows interest," he said

According to the minister, Bangladesh imports 50 percent of the country’s oil under government-to-government deals and the rest through tenders.

He said Bangladesh is also looking to increase the export volume to Iran, which, he says, ‘is a large market in the Middle-East'.

"Iran is a good market for readymade garments, jute products, pharmaceuticals and leather goods," he said.

Iran, one of the 11 top oil exporters, has decided to boost exports as the international sanctions were lifted recently after it fulfilled commitments under a nuclear deal with six world powers.

Mohammad Reza Movadvadi, deputy director of Trade Promotion Organisation of Iran, is leading the delegation to Dhaka.

Bangladesh and Iran have similarities that can be used to cement a firm financial tie, Movadvadi told the media after the meeting with the commerce minister.

Iranian Foreign Minister Javad Zarif said in his recent Dhaka visit that his country wanted to work for the benefit of the people of the two countries by developing bilateral ties.