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Bangladesh on Wednesday announced two major energy investment deals totaling $5.
8 billion, both involving the U.
S
.
company General Electric.
Nearly 30 percent of Bangladesh's population lacks access to electricity and relies on its natural gas resources for 70 percent of its energy production, but its supply has struggled to catch up as demand has increased and the country is now becoming an importer of liquefied natural gas
.
One of the joint ventures announced Wednesday is a partnership
between General Electric Corp.
of the United States, Japan's Mitsubishi Corp.
and Summit, a local private enterprise.
The three companies said they would build and invest $3 billion to build a 2,400-megawatt (MW) thermal power plant and associated oil and liquefied natural gas terminals
.
Summit will have a 55 percent share of the joint venture, while Mitsubishi will have 25 percent and General Electric 20 percent
.
"By partnering with Summit Power, our HA (gas turbine) technology has achieved unprecedented efficiencies to enhance power generation in Bangladesh," Russell Stokes, President and CEO of GE Power, said in the agreement signed in Dhaka
.
The project involves four 600 MW power generation facilities, a liquefied natural gas (LNG) terminal with a capacity of 380,000 cubic meters and an oil terminal
with a capacity of 100,000 metric tons.
Summit Group Chairman Muhammad Aziz Khan said the program will be launched next year and completed in 2023, "The project will feature the most efficient and environmentally friendly technology
in the world.
" ”
Later in the day, GE and the state-run Bangladesh Electricity Development Board (BPDB) announced a joint venture to produce 3,600 megawatts of electricity
.
Saiful Hasan Chowdhury, director of BPDB, said the joint venture will build a 3,600MW LNG-to-gas combined cycle power plant and associated LNG import terminals and associated infrastructure
.
"The project will cost $2.
8 billion, with BPDB as a key partner investing 51 percent, GE 30 percent, and the remaining 19 percent going to be invested by strategic partners," Saiful Hasan Chowdhury said
.
"Over the years, GE has demonstrated a strong willingness to work with Bangladesh's private and public sectors to promote power generation," U.
S.
Ambassador to Bangladesh Marcia Bernicat said at the signing event.
”
Bangladesh on Wednesday announced two major energy investment deals totaling $5.
8 billion, both involving the U.
S
.
company General Electric.
Nearly 30 percent of Bangladesh's population lacks access to electricity and relies on its natural gas resources for 70 percent of its energy production, but its supply has struggled to catch up as demand has increased and the country is now becoming an importer of liquefied natural gas
.
One of the joint ventures announced Wednesday is a partnership
between General Electric Corp.
of the United States, Japan's Mitsubishi Corp.
and Summit, a local private enterprise.
The three companies said they would build and invest $3 billion to build a 2,400-megawatt (MW) thermal power plant and associated oil and liquefied natural gas terminals
.
Summit will have a 55 percent share of the joint venture, while Mitsubishi will have 25 percent and General Electric 20 percent
.
"By partnering with Summit Power, our HA (gas turbine) technology has achieved unprecedented efficiencies to enhance power generation in Bangladesh," Russell Stokes, President and CEO of GE Power, said in the agreement signed in Dhaka
.
The project involves four 600 MW power generation facilities, a liquefied natural gas (LNG) terminal with a capacity of 380,000 cubic meters and an oil terminal
with a capacity of 100,000 metric tons.
Summit Group Chairman Muhammad Aziz Khan said the program will be launched next year and completed in 2023, "The project will feature the most efficient and environmentally friendly technology
in the world.
" ”
Later in the day, GE and the state-run Bangladesh Electricity Development Board (BPDB) announced a joint venture to produce 3,600 megawatts of electricity
.
Saiful Hasan Chowdhury, director of BPDB, said the joint venture will build a 3,600MW LNG-to-gas combined cycle power plant and associated LNG import terminals and associated infrastructure
.
"The project will cost $2.
8 billion, with BPDB as a key partner investing 51 percent, GE 30 percent, and the remaining 19 percent going to be invested by strategic partners," Saiful Hasan Chowdhury said
.
"Over the years, GE has demonstrated a strong willingness to work with Bangladesh's private and public sectors to promote power generation," U.
S.
Ambassador to Bangladesh Marcia Bernicat said at the signing event.
”
