The United States of America has shown interest to invest in Bangladesh’s Liquefied Natural Gas (LNG) sector that the country is considering as an alternative energy source for its growing industries like the readymade garments (RMG).
US Ambassador to Dhaka, Marcia Bernicat, expressed the interest while meeting Bangladesh’s State Minister for Power, Energy and Mineral Resources Nasrul Hamid on February 27, 2018.
Bernicat said companies like Excelerate, SunEdison, GE, Cheniere and other state-run and private firms of the US are keen to invest in Bangladesh’s energy sector. While Cheniere and some other firms are showing interest in Bangladesh’s LNG sector, in particular.
State Minister Nasrul Hamid welcomed the US’ interest and conveyed that Bangladesh wishes to see an increase in comparatively little US’ investment in these two sectors. He urged Bernicat to extend her support in this matter.
Bangladesh’s Power Secretary Dr Ahmed Kaykaus and US Commerce Department’s Regional Manager Malcom Burke were also present during the meeting that took place at Bangladesh Secretariat.
Bangladesh’s apparel makers feel that the basic infrastructural limitations like gas and power crunch are holding back the blossoming industry that is trying to stick to its promise of US $ 50 billion (from what is now nearly US $ 30 billion) by 2021.
Many of the apparel manufacturing units rely on captive power – transforming gas into power in factory-based power plants – for the production of apparel products. There have already been discussions on whether LNG could be an energy alternative but fears are on that it would be costlier.
The US-based Excelerate Energy and local Summit Group are already building two floating LNG terminals in Bangladesh which would have a daily production capacity of 500 million cubic feet (MMCFD). The Government will pay about US $ 1.56 billion a year each for the projects. A third terminal, with the same generation capacity, is also on the cards.
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