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Saudi Arabia signs $3bn power deal in Bangladesh

Saudi Arabia, October 21, 2019

Saudi Aramco and ACWA Power have signed a $3 billion deal to set up a 3,600MW LNG-based power plant in Bangladesh.

The memorandum of understanding (MoU) was inked with Bangladesh Power Development Board (BPDB), which will also see a 2MW power plant being established.

It was revealed that $2.5bn will be invested for the power plant, while $500 million will be spent on setting up the LNG terminal.

ACWA chairman, Mohammad Abunayaan, said: “Bangladesh has been a model for the muslim world in the economic progress. This is our beginning and our journey and our relation will be for a longer time.”

Officials said the Saudi company will conduct a feasibility study within next six months and then it will decide the location of the power plant, with Mongla and Chattagram possibilities.

State Minister for Power, Energy and Mineral Resources, Nasrul Hamid, revealed that investment in the country’s power sector now stands at $22bn, up from $2bn in 2009.