On Thursday, the agreement was signed at the Secretariat in the presence of Prime Minister Tareq Rahman and Chairman of Islamic Development Bank Group Dr. Muhammad Al Jasser. Additional Secretary of the Economic Relations Division Dr. Md. Mizanur Rahman signed on behalf of the Bangladesh government, and Anasi Icami signed on behalf of Islamic Development Bank.

Once the project is implemented, Eastern Refinery will gain the capacity to refine an additional 30 lakh metric tons of crude oil per year. This will make it possible to meet about 45 to 50 percent of the country's demand for petroleum products locally.

The amount of Islamic Development Bank financing in the project is 1,004.29 million US dollars. The target is set to complete the project work by November 2030.