• Wednesday, Oct 27, 2021
  • Last Update : 09:50 pm

IFC signs deal to finance Maheshkhali LNG terminal

  • Published at 12:43 am July 12th, 2017
IFC signs deal to finance Maheshkhali LNG terminal
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an agreement with Excelerate Energy Bangladesh Ltd to fund the set up of Bangladesh's first liquefied natural gas (LNG) regasification terminal in Maheshkhali upazila, Cox's Bazar. The signing ceremony was held on Tuesday at a hotel in Dhaka, attended by the prime minister’s Energy Adviser Tawfiq-e-Elahi Chowdhury, State Minister for Power, Energy and Mineral Resources Nasrul Hamid, Energy and Mineral Resources Division Secretary Nazimuddin Chowdhury, Petrobangla Chairman Abul Mansur Md Faizullah and Excelerate Energy Chief Financial Officer and Managing Director Nick Bedford. The LNG regasification terminal is the first of its kind in Bangladesh and is expected to increase the supply of natural gas to the national grid by 20%, sufficient to generate 3,000MW of power. The project is expected to be complete by the first half of 2018, at the estimated cost of $179.5 million. Of the cost, $53.8 million will come from Excelerate Energy and the IFC as investments, and the rest will be paid through loans. The loans will be provided by the IFC and several other financial organisations. On July 18, 2016, the government signed two agreements to build Bangladesh’s first floating storage and regasification unit (FSRU) – popularly known as liquefied natural gas (LNG) processing terminal – a few kilometres offshore Maheshkhali Island. One agreement, on the project implementation, was signed between Excelerate Energy Bangladesh Ltd (EEBL), a subsidiary of US-based LNG company Excelerate Energy, and the government's Energy and Mineral Resources Division. The other agreement, on terminal use, was signed between the EEBL and the state-owned Bangladesh Oil, Gas and Mineral Corporation – more commonly known as Petrobangla. According to the deals, the terminal will be built on a built-own-operate-transfer basis and will process imported LNG into natural gas. When fully operational, the terminal will add 500mmcfd – million cubic feet per day – of natural gas to the national grid. The project will have a transformational impact on Bangladesh's power sector by increasing supply of energy for power generation, promote growth and mitigate climate change impacts.
50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail