Saudis to invest $3B in Bangladesh gas-to-power project

21/10/2019 10:09 Electricity Market

news

Saudi utility company ACWA Power and Saudi Aramco are set to invest $3 billion in a gas-to-power project in Bangladesh, the local government said in a Memorandum of Understanding ceremony last week.

The project includes the construction of a liquefied natural gas (LNG) terminal and a gas-fired power plant, with the capacity to generate 3,600 megawatts of power. The investment is expected to receive the greenlight to proceed by 2020, Kallanish Energy reports.

 

ACWA chairman Mohammad Abdullah Abunayyan said the “landmark” project would be ACWA’s largest gas-to-power development and its first association with Aramco in such a project.

 

The plant and terminal are said to be built in either the Moheshkhali area of Cox’s Bazar, or the port of Payra. Saudi investors will conduct a feasibility study within the next six months before deciding on the exact location, they said.

 

According to local reports, some $2.5 billion of the investment will be allocated to the power plant and the remaining $500 million budgeted will be spent to build the LNG terminal.

Source: kallanishenergy.com

Indonesia signs 20-year production sharing contract for Corridor block

11/11/2019 14:12:00

Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.

<READ MORE

Iran finds new oilfield of massive size

11/11/2019 14:10:00

Iranian President Hassan Rouhani on Sunday said a new big oilfield has been discovered in Khuzestan province in southwestern Iran.

READ MORE

Daily (11.11.2019): NBP spot jumped by 7.2% on Friday due to colder weather

11/11/2019 11:08:00

Oil prices inched up on Friday despite U.S President Donald Trump not agreeing to decrease tariffs on China, but still accepting a potential deal to be struck by the end of the month. Hence, Brent crude traded 0.4% higher at $62.51 a barrel. WTI futures edged 0.2% higher at $57.24 a barrel.

READ MORE