Turkish liquefied petroleum gas (LPG) company Aygaz signed a partnership agreement with United Enterprises, one of the largest socioeconomic infrastructure-based companies in Bangladesh to conduct LPG supply, storage and distribution, the company announced Tuesday.
The partnership agreement includes the sale of 50% of United Enterprises' share for 50 million Bangladeshi takas (nearly $605,000) and the establishment of a joint venture company to make joint investments.
The signature ceremony Wednesday took place in the United Enterprises' headquarters in Dhaka, the capital of Bangladesh with the attendance of Turkish Ambassador to Bangladesh Mustafa Osman Turan, Aygaz CEO Gökhan Tezel, Aygaz Financial Affairs Deputy Director-General Gökhan Dizemen, United Enterprises Chairman and Managing Director Moinuddin Hasan Rashid and Director Nasiruddin Akhter Rashid.
"We continue with our breakthroughs under our expansion strategy internationally. After opening our London office, we now entered into a partnership agreement today with the country's biggest company, United Enterprises in order to do business in LPG supply, storage and distribution," Tezel was quoted as saying in the statement.
Tezel hailed the agreement through which the company entered the Asian market, expressing his expectation that in the coming years Bangladesh will sustain its economic and LPG sector growth rate.
Moinuddin Hasan Rashid also welcomed the partnership, saying it will be a beginning for new investments for Bangladesh and Turkey.
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