'Momentum in talks to import oil from India'

If everything goes well, Bangladesh will be able to import oil from India as the Bangladesh government has cleared the way by recognising the Indian Oil Corporation (IOC), said India’s External Affairs Secretary Vinay Kwatra.

While talking to the media on Tuesday, he said the issue has been discussed during the meetings between Prime Minister Sheikh Hasina and her Indian counterpart Narendra Modi and delegations of two nations.

There have been talks between Bangladesh and India over some potential exports, including oil. The Bangladesh government has selected the IOC in this regard and there have been regular talks between the two sides.

The secretary also said it will take more time to finalise the details of the process. The issue will be discussed further with the IOC and Bangladesh.

Importing oil became difficult for Bangladesh after the Russian invasion on Ukraine. The United States and western nations have imposed sanctions on buying oil from Russia, but India is buying the Russian oil at a cheaper rate disregarding the sanctions.

Bangladesh has now been exploring scopes to import the cheap Russian oil from India.

The external affairs secretary did not speak specifically on oil export; rather he talked about progress in discussion of overall exports, which include oil as well. Besides, he revealed the selection of Indian Oil Corporation (IOC) for exporting commodities to Bangladesh.