Saudi Aramco and Acwa Power to develop $3bn LNG terminal and power plant in Bangladesh
Saudi Aramco and Saudi utilities developer Acwa Power have signed a memorandum of understanding (MoU) with the Bangladesh government to develop a $3bn liquefied natural gas (LNG) terminal and power plant in the South Asian country.
Acwa Power’s chairman Mohammad Abunayyan was reported as saying the $3bn direct investment would be made by 2020. The project will be Acwa Power’s largest gas-to-power project and the first partnership with Saudi Aramco for such a scheme.
The LNG terminal will be developed in either the Moheshkhali area of Cox’s Bazar or at Payra port. The power plant is planned to have a generation capacity of 3,600MW.
Acwa Power’s CEO and president Paddy Padmanathan recently told MEED that the developer was targeting the growing global demand for LNG and gas-to-power as an additional area of growth.
“I can see us getting involved in gas, in LNG,” said the CEO. “We are looking at some opportunities for gas-to-power that will require us to not only look at the power plant but the infrastructure bringing the LNG to a port, to either floating or fixed LNG terminals or through pipelines.”