Aramco, Acwa Power reportedly ink $3bn power deal in Bangladesh

Aramco, Acwa Power reportedly ink $3bn power deal in Bangladesh
The Saudi-Bangladeshi collaboration will work in the energy sector. [representational image]
Published: 20 October 2019 - 5:45 a.m.

Saudi Arabia’s state-owned Saudi Aramco — the world’s largest oil producer — and the kingdom’s Acwa Power, a majority stake in which is held by the country’s Public Investment Fund (PIF) will reportedly work alongside Bangladesh Power Development Board (BPDB) to set up a 3,600MW liquefied natural gas-based (LNG) power plant in the Asian nation, with an investment of $3bn (SAR11.3bn).

According to Construction Week’s sister-title Arabian Business, the Saudi Arabian and Bangladeshi entities signed a memorandum of understanding (MoU), as part of which a 2MW power plant will also be developed in the country.

Of the $3bn, $2.5bn will be invested for the power plant, while $500m will be utilised for the establishment of the LNG terminal, Arabian Business reported.

According to a Bengali-language statement published on Bangladesh’s ministry for power, energy, and mineral resources website, the MoU was signed between chairman of Acwa Power, Mohammed Abunayaan, and chairman of BPDB, Eng Khaled Mahmud.

Bangladesh’s minister for power, energy, and mineral resources, Nasrul Hamid said that the power sector agreement with Saudi Arabia would contribute effectively to the relations between the two countries.

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