International Finance Corporation (IFC), a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) announced that they have secured debt financing to co-develop the Moheshkhali Floating Liquefied Natural Gas (LNG) project, Bangladesh’s first LNG import terminal.
The project, which will cost $179.5 million, will expand access to clean energy in Bangladesh. The construction will begin in 2017 and the terminal is expected to be in service by mid-2018.
As informed, the LNG import terminal is expected to provide the critical infrastructure required for the country to access natural gas from global markets and enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent. This supply increase will support up to 3,000 MW of power generation capacity.
“We hope this first LNG import facility in Bangladesh will pave the way to expand support to the power sector and industry, promote growth and mitigate climate change impacts”, said IFC Regional Industry Head, Infrastructure and Natural Resources, Asia Pacific, Hyun-Chan Cho.
