{"id":5019,"date":"2023-03-15T13:39:28","date_gmt":"2023-03-15T13:39:28","guid":{"rendered":"https:\/\/thecrimebd.net\/english\/?p=5019"},"modified":"2023-03-15T13:45:45","modified_gmt":"2023-03-15T13:45:45","slug":"5019","status":"publish","type":"post","link":"https:\/\/thecrimebd.net\/english\/news\/5019\/","title":{"rendered":"The United States is number one in investing in Bangladesh and will remain so"},"content":{"rendered":"<p style=\"color: #252525; text-align: justify;\"><strong>Dhaka Bureau:<\/strong> In terms of foreign investment in Bangladesh, the United States is number one and will retain this position in the future as well, said the country&#8217;s ambassador in Dhaka, Peter Haas.<\/p>\n<p style=\"color: #252525; text-align: justify;\">The US ambassador said this while visiting the 584 MW gas-based combined cycle power plant of Unique Meghnaghat Power Limited (UMPL) at Sonargaon, Narayanganj, on Wednesday (March 15).<\/p>\n<p style=\"color: #252525; text-align: justify;\">He said, &#8216;We are number one in foreign investment in Bangladesh. Our investment will continue in the future. We will be number one in foreign investment in this country.<\/p>\n<p style=\"color: #252525; text-align: justify;\">During the visit of the power plant, the ambassador was accompanied by Joseph Giblin, head of the economic unit of the US Embassy, UMPL managing director (MD) Chowdhury Nafiz Sarafat, chairman Md. Noor Ali, Chief Executive Officer (CEO) Mohammad Zahir Uddin Mollah, and GE Gas Power South Asia CEO Dipesh Nanda.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Peter Haas arrived at the power plant by helicopter from Dhaka&#8217;s Hazrat Shahjalal International Airport at 9 a.m. There, Chowdhury Nafiz Sarafat welcomed him with a bouquet of flowers. After reaching the office premises of the power plant, the Environment, Health, and Safety team gave safety equipment to Peter Haas and other guests.<\/p>\n<p style=\"color: #252525; text-align: justify;\">During the visit, Calum David Cornforth, site manager for the power plant&#8217;s contractor, GE Gas Power, briefed Ambassador Peter Haas on the project&#8217;s latest status.<\/p>\n<p style=\"color: #252525; text-align: justify;\">The ambassador was briefed on the latest status of the project through a PowerPoint presentation. It is said that UMPL&#8217;s Meghnaghat power plant is conducting construction work in accordance with all laws. The project is maintaining high international standards socially and environmentally. The project company has implemented the Rehabilitation Action Plan and is in the process of implementing the Livelihood Restoration Plan to ensure proper rehabilitation and a better livelihood for the project victims. The project organization is carrying out several CSR (corporate social responsibility) activities, including monthly allowances to the underprivileged, construction of river ghats and ghat approach roads, distribution of relief to the poor, skill development training, and assisting villagers in economic activities.<\/p>\n<p style=\"color: #252525; text-align: justify;\">UMPL Managing Director Chowdhury Nafiz Sarafat expressed his sincere gratitude to Peter Haas for the leading role of the United States in enhancing business and political relations between Bangladesh and the United States.<\/p>\n<p style=\"color: #252525; text-align: justify;\">He also appreciated the contribution of US companies, including GE, in providing state-of-the-art technology gas turbines for the power infrastructure required in Bangladesh.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Chowdhury Nafiz Sarafat said that investment in the project came from SERV, AIIB, DEG, and OPEC funds with the cooperation of international investors, including UMPL, GE, and Nebras. This investment has helped build world-class infrastructure here. This power plant will provide environmentally friendly, reliable, and affordable electricity to the people of Bangladesh. It is an eco-friendly power project. The plant will emit less greenhouse gas than other existing combined-cycle power plants.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Bangladesh has pledged to reduce carbon emissions according to the Paris Agreement at the World Climate Conference. This center will play a major role in reducing carbon emissions. The plant uses GE&#8217;s latest 9H2001 gas turbine, which operates at over 62 percent efficiency. On the other hand, the efficiency of conventional gas turbines is around 30 to 40 percent on average. GE&#8217;s 9HDZeroOne heavy-duty gas turbine has already earned a worldwide reputation as the most cost-effective way to turn fuel into electricity. Such highly energy-efficient technology will produce more electricity from natural gas than other conventional technologies. The best use of gas will be in this center.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Chairman of UMPL, Noor Ali, said this project is a symbol of the capacity of the private sector in Bangladesh. It is a highly efficient, high-tech power plant. The plant will occupy the top position in the order of merit with BPDB due to its low-cost power generation. Through the implementation of this project, the country will take a step forward in achieving the goals of the Master Plan and Vision 2041 for the power sector.<\/p>\n<p style=\"color: #252525; text-align: justify;\">The chairman of UMPL also said that he was happy to see the positive changes in the social and economic development of the local community due to the welfare of this project.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Dipesh Nanda, CEO, GE Gas Power South Asia, said GE Gas Power is committed to bringing new and modern technologies to Bangladesh for cost-effective, reliable, and sustainable power generation. GE continues to make major contributions to Bangladesh&#8217;s power sector. GE is proud to be a project partner of UMPL. The center will use less natural gas. As it uses less fuel, gas will also be saved. The power generated at the center will be able to supply about seven lakh homes.<\/p>\n<p style=\"color: #252525; text-align: justify;\">On June 25, 2018, a consortium of Strategic Finance Limited, Unique Hotels and Resorts Limited, and GE appointed GE as the project contractor, or EPC, for the construction of a 584 MW gas-based combined cycle power plant at Meghnaghat in Narayanganj. Nebras Power QPSC later became Nebras Power Investment Management B.V., with a 24 percent stake in the project.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Implementation agreement (IA) with the government and power grid company of Bangladesh (PGCB), a power purchase agreement (PPA) with the Bangladesh Power Development Board (BPD), and a gas supply agreement with Titas Gas Transmission and Distribution Company Limited on July 24, 2019 (GSA). On August 30, 2019, General Electric (GE) of the United States signed a contract with the entrepreneurial company on a turn-key basis. This power plant&#8217;s main equipment manufacturer is GE.<\/p>\n<p style=\"color: #252525; text-align: justify;\">Project promoters have a 25 percent equity investment. Standard Chartered Bank (the Swiss ECE-SERV cover lender), the Asian Infrastructure Investment Bank (AIIB), the German Development Bank (DEG), and the OPEC Fund for International Development (OFID) provided the remaining 75 percent of the project cost.<\/p>\n<p style=\"text-align: justify;\">92 percent of the project has already been completed. The project is expected to be commercially implemented in October 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dhaka Bureau: In terms of foreign investment in Bangladesh, the United States is number one and will retain this position in the future as well, said the country&#8217;s ambassador in Dhaka, Peter Haas. The US ambassador said this while visiting the 584 MW gas-based combined cycle power plant of Unique Meghnaghat Power Limited (UMPL) at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"location":[],"class_list":["post-5019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The United States is number one in investing in Bangladesh and will remain so - The Crime BD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thecrimebd.net\/english\/news\/5019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The United States is number one in investing in Bangladesh and will remain so - The Crime BD\" \/>\n<meta property=\"og:description\" content=\"Dhaka Bureau: In terms of foreign investment in Bangladesh, the United States is number one and will retain this position in the future as well, said the country&#8217;s ambassador in Dhaka, Peter Haas. 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