Bangladesh will buy 5.5 mln tons of soybean oil

On Sunday, the Bangladeshi government approved separate bids for the purchase of about 5.5 million liters of soybean oil and 150,000 tons of fertilizer to meet the country’s growing demand, the Dhaka Tribune reports. A committee of the Advisory Council of Councilors on Government Procurement (ACCGP) approved the tender at its eighth meeting, chaired by Dr. Salehuddin Ahmed, financial adviser to the interim government.

According to documents provided by the Ministry of Finance, five bids were approved at the ACCGP meeting held at the Bangladesh Secretariat. Among them, the proposal of the Ministry of Commerce, according to which the state-owned Trading Corporation of Bangladesh (TCB) will purchase 5.5 million liters of soybean oil using a local open tender (OTM) from City Edible Oil Limited, with each liter costing Tk 157.9 ($1.33).

In recent years, Bangladesh has significantly increased its oil imports. In 2023/24, the country purchased 575 thsd tonnes of soybean oil.It is expected that despite the growth of domestic production (in 2023/24 – 364 thsd tonnes), by 2032/33, Bangladesh will increase the import of soybean oil to 890 thsd tonnes.

For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp.

It is a multi-functional online platform with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, historical data.

You are welcome to get a 7-day free demo access!!!

Tags: soybean oil, Bangladesh