BRAC Bank has extended a loan of approximately Tk 1,170 crore (US$ 95.77 million) to Mobil Jamuna (MJL Bangladesh) for acquiring two large ocean-going tankers. This marks the largest single foreign currency loan ever issued by a private bank in Bangladesh to the shipping and petroleum industry. A recent agreement was formalized between the two entities.

This announcement was made in a press release by BRAC Bank. Following this agreement, MJL Bangladesh has incorporated a significant oil tanker named ‘MT Omera Galaxy’ into its fleet. With a capacity of about 116,000 deadweight tons, this vessel is currently the largest ocean-going ship registered under the Bangladeshi flag. It will offer transportation services to both domestic and international petroleum firms.

Additionally, MJL Bangladesh is in the process of acquiring another ‘Aframax’ tanker, named ‘MT Omera Liberty’, which is presently under construction at a shipyard.

The loan agreement was executed during a ceremony at Mobil House in Dhaka on September 2. The agreement was signed by BRAC Bank Managing Director Tarek Refat Ullah Khan and MJL Bangladesh CEO Md. Mukul Hossain, representing their respective organizations.

Present at the signing were BRAC Bank Chairperson Mehria M Hasan and MJL Bangladesh Managing Director Azam J Chowdhury, along with senior officials from both organizations.

BRAC Bank Managing Director Tarek Refat Ullah Khan remarked that this loan agreement represents a remarkable initiative. It will not only bolster Bangladesh’s maritime logistics capabilities but also promote international trade and expedite the nation’s economic growth. Furthermore, it will assist in increasing the inflow of foreign exchange into Bangladesh.

This loan facility will empower MJL Bangladesh to modernize its fleet with new ships, which is a crucial advancement for Bangladesh’s maritime commerce.