Petromax Refinery Ltd, a subsidiary of Shahjibazar Power Co Ltd, has leased a 13-acre land from Mongla Port Authority to expand its storage capacity.

The company will utilise the land for the expansion of its existing storage facilities by installing storage tanks and future enhancement of refining capacity depending on the market demand.

For this, Petromax inked a 30-year lease agreement with the port authority on October 5.

The company shared the information in a posting of Shahjibazar on the Dhaka Stock Exchange website today.

The Mongla Port Authority has issued a notice to give the land on lease, which is adjacent to Shahjibazar's oil refinery plant, Yeasin Ahmed, company secretary of Shahjibazar Power, told The Daily Star.