Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Tuesday, December 19, 2017 04:12:27 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

ADB approves $583m financing for LNG, power

By
06th-Dec-2017       
Comments
Share your thought
Post a comment »
Read all () »

Business Desk :
The Asian Development Bank (ADB) has approved $ 583 million debt financing and partial risk guarantees to develop the Reliance Bangladesh Liquified Natural Gas (LNG) and Power Project.
The project, which includes a power generation facility to be located in Meghnaghat near the capital and an LNG Terminal near Kutubdia Island in Chittagong, will significantly increase power generation and improve energy infrastructure in the country, said a ADB release on Tuesday.
ADB's financing package includes loans and partial risk guarantees for the power generation facility, as well as for the LNG terminal. The total project cost is around $ one billion.
"ADB's partnership with Reliance Power will help Bangladesh scale up its energy infrastructure to sustain and support the country's economic growth," said Director General of ADB's Private Sector Operations Department Michael Barrow.
"ADB's role as a direct lender and guarantee provider will enable Reliance Power to mobilise much needed long-term debt financing and help attract new lenders to Bangladesh," added Barrow.
Diversifying the sources of energy is critical for the country as demands for natural gas have placed significant pressures on the country's domestic gas reserves. New LNG import facilities will enable the country's existing gas-dependent infrastructure to remain viable while opening the country to access natural gas from global markets.
ADB's support will help Reliance Power Limited develop an initial about 750 megawatts (MW) of gross power generation capacity and terminal facilities for LNG import.
Reliance Power Limited plans to increase its power generation capacity to around 3,000 MW in Bangladesh. Energy from the power plant will be sold into the country's electricity grid under a long-term power purchase agreement with the Bangladesh Power Development Board.
"Reliance Power has achieved a major and important milestone of approval of financing for its landmark project in Bangladesh. This is an important step in helping Bangladesh achieve energy security," said Reliance Power CEO Venugopala Rao.
"ADB's leadership in financing will help us develop this clean and reliable LNG-based power project in Bangladesh," he added.

Tariff
Add Rate

News Archive

Inside The New Nation

International »

Trump to lay out `America First` security strategy


AFP :President Donald Trump is set to lay out Monday a new National Security Strategy built upon his trademark "America First" slogan, which is expected to have economic security at its core.The US leader, who has dismantled the legacy of Barack Obama on issues ranging from climate change to free ...

Cricket »

Australia claim Ashes as Smith seeks whitewash


AFP, Perth :Steve Smith praised his "exceptional" team as Australia reclaimed the Ashes with an innings win over England in the third Test in Perth on Monday, and set his sights on a series whitewash. Australia dismissed England for 218 in their second innings after rain delays and a pitch ...

Football »

Brazil great Kaka retiring from soccer at age 35


Former Ballon d'Or winner Kaka says he is retiring from soccer at age 35.Kaka, who played for Brazil, AC Milan and Real Madrid, told Brazil's Globo TV on Sunday that "my last word is that the cycle of my career as a player ends here.""I needed time to think and ...

Football »

Messi misses penalty as Barca win big to increase lead


AP, Barcelona :Watch out Real Madrid.Barcelona can still outscore opponents even on a rare day when Lionel Messi is far from his brilliant self.Barcelona warmed up for next round's "clasico" match at Madrid by routing Deportivo La Coruna 4-0 Sunday to increase its lead of the Spanish league.Messi tried to ...

City »

President Abdul Hamid poses for photograph with the members of BDRCS Managing Board at the inauguration of the 13th Jatiya Juba Red Crescent Camp-2017 in the Osmani Memorial Auditorium in the city on Monday.


Entertainment »

Item girl Heena Panchal goes Topless in her recent photoshoot


The year winter season has been one of the hottest one as Heena Panchal has done very hot and bold photoshoots. Beautiful Model and actress Heena Panchal, seems sensationalizing the Bollywood industry with her bold and raunchy photoshoot. The glamorous diva was seen rising the temperature meter and has done ...

Entertainment »

BD Hip Hop Fest on Dec 21


Entertainment Report :Rendezvous Pvt Ltd, a unique concern of A Kabir R Group is going to organize AceOnline.store presents BD Hip Hop Fest 2017, one of its kinds for the third time in city. The fest will start by launching of A Kabir R Group’s new concern AceOnline.store which is ...

Editorial »

Myanmar`s criminal generals should be brought to book


ACCORDING to the medical charity MSF sources, at least some 6,700 Rohingyas got killed in the very first month of the Myanmar army's crackdown on the ethnic minority in Rakhine State. But it appears Myanmar government is trying to deceive the world by  avoiding to take back Rohingya refugees. It ...

Football »

Roma's Federico Fazio (hidden) celebrates with teammates after scoring the decisive goal during an Italian Serie A soccer match between AS Roma and Cagliari, at the Olympic stadium in Rome on Saturday.


Entertainment »

Athiya Shetty turns fashion designer


Ever since her debut, the 25-year-old actress has been in news for her chic sartorial choices. A source reveals, “According to the label, Athiya is known for her fashion sensibilities. She is a hit when it comes to red carpet appearances and nails the high street fashion.” “So, after meetings ...

Entertainment »

Virat-Anushka holidaying in heaven


The power couple, Virat Kohli and Anushka Sharma, who recently set some major wedding goals with their Italian destination ceremony, is now giving fans a glimpse into their post-married life. The ethereal couple tied the knot at a picturesque location in Italy on December 11. The 29-year-old newlywed, who is ...

International »

Trump allies say Mueller unlawfully obtained thousands of emails


Reuters, Washington :An organization established for US President Donald Trump's transition to the White House a year ago said on Saturday that the special counsel investigating allegations of Russian meddling in the 2016 election had obtained tens of thousands of emails unlawfully.Kory Langhofer, counsel to the transition team known as ...

City »

Ganoforum President Dr Kamal Hossain speaking at a discussion on 'Independence: Expectation, Achievement and Role' organised by 'Jatiya Oikya Prokriya' at the Jatiya Press Club on Friday.


.

International »

Trump promises `giant tax cut` as `Christmas gift` to Americans


PTI, Washington :US President Donald Trump today said the Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and "massive tax relief" for American families and domestic companies.Trump recognised the tax reform as a campaign promise during his run-up to the 2016 presidential election, ...

Editorial »

Muslim leaders must continue to act together not to be ignored


WE welcome the OIC's (Organisation of Islamic Cooperation) decision declaring East Jerusalem as capital of Palestine at a summit at Istanbul on Wednesday as the most appropriate and timely action to denounce US President Donald Trump's unilateral declaration that Jerusalem is the capital of the state of Israel. Their call ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news