5/9/06 (News From Bangladesh ) - Bangladesh has bright possibility of exporting edible oil to the northeastern region of India, Myanmar and Nepal through sale of refined oil, said officials of oil refinery industries, reports BD News.

Export of Soyabean oil increased by 10 percent to Tk 18 crore in the 2005-06 fiscal, compared to the previous fiscal, the Export Promotion Bureau (EPB) said.

EPB sources said Bhutan is a major soyabean oil export destination of the country, while India and Myanmar imported in small volume of oil from the country.

Operational director of TK group oil refinery Tarik Ahmed told BDNEWS, "We have a huge potentiality to export soyabean oil, specially to the northeastern region of India due to higher import duty and transport cost."

He said that Bangladesh could gain better market access for export of edible oil to India if two countries sign a bilateral agreement. Bangladesh also gets a benefit for exporting soyabean oil after South Asia Free Trade Agreement (SAFTA) gets implemented, he added.

Sri Lanka and Nepal exported edible oil and vegetable Ghee to India under bilateral agreements.

Sources said India imposes 80 percent duty for soyabean oil import and the transport cost was higher, especially from kolkata to the northeastern region. That is why Bangladesh has a bright possibility to export Soyabean oil to the northeasten region of India.

A market analyst said that a Malaysia- based palm oil importer sees a possibility to build a large refinery for importing crude palm oil for its export to neighboring countries, especially northeastern region of India and Myanmar.