The joint venture came into existence on Thursday following a strategic tie-up agreement between the UK-based Gulf Oil International and Oil Bangladesh Limited. The joint venture company will be known as Gulf Oil Bangladesh Limited.

V Ramesh, vice president of Gulf Oil International, UK, and Munirul Islam, managing director of Gulf Oil Bangladesh Ltd, signed the agreement. The agreement signing and launching ceremony was attended, among others, by State Minister for Energy and Mineral Resources AKM Mosharraf Hossain, Privatisation Commission Chairman Enam Ahmed Chowdhury, British High Commissioner to Bangladesh David Carter and Gulf Oil Bangladesh Limited Vice Chairman A Rouf Chowdhury.

State Minister for Energy and Mineral Resources AKM Mosharraf Hossain said the government believes in the policy that business should be left with businessmen while government will provide the necessary policy support for businesses to flourish.

He said the government in the budget has provided energy sector with biggest ever allocation to develop the important sector.

He also explained the various steps initiated by the government in this sector.

Gulf Oil Bangladesh Limited vice chairman said Gulf Oil brands are in the local market for the last three years. Based on the success and market response for the products the new joint venture company has been formed to cater to the increasing demand in Bangladesh market, he added.

"We are hopeful the joint venture company will be a successful one in Bangladesh," Rouf Chowdhury said.

Ramesh, vice president of Gulf Oil International, said his company is in the business of manufacturing and marketing of a complete range of over 400 performance lubricants. "Gulf has ISO 9002 accredited lubricants, blending-plant in all five continents and markets through direct operations, strategic allies, joint ventures, distributors and license arrangements."

"Gulf intents to be amongst the first companies releasing technically proven quality product, meeting the latest industry and equipment manufacturers' requirement," Ramesh said.

Privatisation Commission Chairman Enam Ahmed Chowdhury said the new joint venture will live up to expectations and succeed in its goal in Bangladesh.