Saudi Aramco to invest $3b into Bangladesh energy sector

The Saudi oil giant Aramco will inject $3 billion in Bangladesh for the installation of a 3,600MW power plant running on LNG, Arabian Business reports.

Aramco according to a Memorandum of Understanding (MoU) signed with Bangladesh Power Development Board (BPDB) will conduct a feasibility research within the next six months and identify the location of the future plant.

The deal also indicates that $2.5 billion will go into the construction of the plant while the remaining $500 million will be allocated for setting up the LNG terminal, the Dubai-based media reports.

Bangladesh has become the latest country in the region for Saudi international investment target. The kingdom last month announced that it is planning to invest $100 billion in India’s petrochemicals, infrastructure and mining and other industries.

Aramco according to Dr Saud bin Mohammed Al Sati, the kingdom’s envoy to the world’s largest democracy, has proposed a partnership with Reliance Industries Limited, an Indian multinational conglomerate based in Bombay.

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Posted by on Oct 21 2019. Filed under Gulf News, Headlines, World News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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