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18 October, 2019 12:39:32 AM / LAST MODIFIED: 18 October, 2019 11:40:06 AM

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KSA to invest $2.5b in power sector

PDB signs MoU with Saudi company ACWA Power
STAFF REPORTER, Dhaka
KSA to invest $2.5b in power sector

The energy-rich Kingdom of Saudi Arabia will be investing USD 2.5 billion in the Bangladeshi power sector to set up a 3,600-megawatt power plant. The Bangladesh Power Development Board (BPDB) and Saudi Arabian company ACWA Power signed a memorandum of understanding (MoU) for the project at a city hotel yesterday.

ACWA Power chairman Mohammad Abu Nahyan and BPDB chairman Engineer Khaled Mahmood signed on behalf of their respective organisations.

Although the site of the power plant will be decided after a feasibility survey, the most likely locations are Moheshkhali and Payra, said Power Division senior secretary Dr Ahmed Kaikaus.  Speaking on the occasion as chief guest, Salman F Rahman, private industry and investment advisor of Prime Minister Sheikh Hasina, said: “Energy is the driving force of the economy. And the power sector has flourished in Bangladesh.”

He revealed that it will take another four to five years to implement the project with the Saudi funding. “We have just paved the way for increased economic cooperation and signed an MoU. I hope the agreements will be finalised soon,” he added.

State minister for power, energy and mineral resources, Nasrul Hamid, said: “We need more investment if we want to graduate to the status of a developed nation.”  He also said that the investment would strengthen the bilateral ties between Bangladesh and Saudi Arabia.

 Praising the current Saudi–Bangladesh relationship, ACWA Power chairman Mohammad Abu Nahyan said the power plant would be set up using state-of-the-art technology. “We will work to ensure technology and knowledge transfer to Bangladesh,” he promised.

MK

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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