US Energy Company to Invest 1.6 Billion US Dollars in Bangladesh

May 07 - Xinhua News Agency - CEIS

The US energy company, Global Vulcan Energy International (GVEI), Thursday signed a memorandum of understanding with the Board of Investment of Bangladesh (B0I) to invest around 1.6 billion US dollars in power, fertilizers and coal projects in the country.

GVEI President Ford F Graham and a member of BOI Nazrul Islam signed the memorandum of understanding here on behalf of their respective organizations, The New Age reported Friday.

As per the memorandum, the US company proposed a series of gas- run power projects at an estimated cost of around 900 million dollars with a generation capacity up to 1,750 megawatt of power, which would be delivered to Bangladesh.

Each of these gas-fired power projects will generate around 100- 110 megawatt per year.

The company proposed to set up a coal mine and coal-fired power project in the country with a generation capacity of around 450 megawatt per year at a cost of 375 million dollars.

The company also proposed a pair of organic fertilizer plants with a capacity to produce 140,000 tons of carbon based organic fertilizers at a cost of around 200 million dollars.

The company further proposed to set up a series of coal-based projects for which the approximate size of investment will be around 150 million dollars.

In the last six months the Board of Investment had signed a number of memoranda of understanding for investment worth around 5 billion dollars with several international companies.