Saudi’s ACWA Power signed a memorandum of understanding (MoU) with the Bangladesh Power Development Board (BPDB) to build a $500 million LNG regasification terminal and a $2.5 billion gas-fired power plant with a capacity of 3,600 megawatts in Bangladesh.
The project will be located in Maheshkhali or other alternative locations in Bangladesh. The deal was the largest gas-to-power development project signed by ACWA Power. It also marks the first cooperation with Saudi Aramco for such a project.
Rajit Nanda, ACWA Power’s chief investment officer, said that the company looked forward to cooperating with Saudi Aramco in creating economic opportunities for Bangladesh. Aramco LNG Trading Unit’s VP Abdulsalam Al Hazmi was present during the MoU signing.
