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  • Surplus electricity by 2016: Muhith
    Surplus electricity by 2016: Muhith Frontier
    Frontier on Wednesday, December 26, 2012
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    Revising his earlier target of 2013, Finance Minister AMA Muhith on Wednesday said the country will have surplus electricity by 2016.

    He said this while addressing a function in the city where the state-owned Power Development Board (PDB) signed a contract with its EPC contractor Marubeni-Hyundai Consortium for implementing the 399-MW Bibiyana-III gas-field combined cycle power plant project.

    However, earlier the Finance Minister had set 2013 to attain the target of surplus electricity.

    Prime Minister’s Adviser Dr Tawfiq-e-Elahi Chowdhury, State Minister for Power Mohammad Enamul Haque and senior officials of the Power Ministry and PDB were present at the function.

    PDB signed the first-ever such engineering, procurement and construction (EPC) contract for power generation in the public sector as the EPC contractor has arranged 85 percent of project cost in loan.

    Marubeni is a famous Japanese power company while Hyundai Engineering Construction Co. Ltd is a subsidiary of the Korean conglomerate Hyundai Corporation.

    Earlier, the Japanese-Korean consortium won the contract at a value of US$ 347.802 million, equivalent to Tk 2923.27 crore. It will install the plant through financing under the buyer’s credit.

    Under the new model of financing, the contractor will arrange the cost of the project from the Japanese financing agency – Japan Bank for International Cooperation (JBIC) - and some other financing agencies in Japan at its own efforts.

    The annual interest rate was set at 3.28 percent while the grace period of the project is three years, and repayment will be made over 10 years through Japanese Yen.

    Power Ministry officials said the implantation of the Bibiyana project will reduce the government’s dependence on the private sector power plants, particularly the costly rental power plants, for power production.
                               
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