Monday, 28 November, 2022

Saudi firm to invest $1.15bn in power sector

  • Special Correspondent
  • 11 November, 2022 12:00 AM
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Saudi firm to invest $1.15bn in power sector
State Minister for Power, Energy and Mineral Resources Nasrul Hamid presents a souvenir to Saudi Arabia Ambassador to Bangladesh Issa Bin Youssef Al-Dahilan during the latter’s visit at Bangladesh Secretariat in the capital on Thursday.

Saudi Arabia will invest $1.5 billion in Bangladesh's power sector, said the Kingdom's ambassador in Dhaka Issa Bin Youssef Al-Dahilan.

The Saudi firm ACWA Power will make the investment, the envoy disclosed during a courtesy call with State Minister for Power and Energy Nasrul Hamid at Bangladesh Secretariat on Thursday.

The Admassador said the Saudi investors have shown interest to invest in the power and energy sector of Bangladesh.

During the meeting, both parties discussed the common interest and to overcome the energy crisis in Bangladesh through mutual cooperation.

Nasrul Hamid said, "Bangladesh and Saudi Arabia are brotherly countries.

We want to procure a comparatively low cost energy from Saudi Arabia to tackle the current energy crisis.” He proposed that fuels should be procured through deferred payments. Bangladesh has an installed capacity to generate over 25000MW of grid and non-grid electricity. The generation capacity of Bangladesh has come down nearly by half due to non availability of fuel caused by the volatility in the global fuel market.