http://www.theindependentbd.com/index.php?option=com_content&view=article&id=177743:pm-threatens-tit-for-tat-policy-on-rental-power-plant&catid=129:frontpage&Itemid=121 Dhaka, July 13: Irked by ‘unnecessary’ criticism, Prime Minister Sheikh Hasina on Saturday said she will go for a tit-for-tat policy against those criticising the government relentlessly over the quick rental power plant issue. "Let the holy Ramadan be over, let the holy Eid passes by, I’ll do that …I’ll do that after open declaration," she said while delivering her speech at the inauguration programme of 88 AC buses bought under the Indian one-billion dollar credit line at her official residence Ganobhaban. Describing what will be the tit-for-tat policy, Hasina said the government will stop the production of power after the generation of 3200 MW. “The present government has inherited this level of power generation from the BNP-Jamaat alliance when it came to power in 2009. She went won: “I think, we’ll go for that decision, it’ll help people to realise what the present government does for the development of the power generation.” Hasina said her government, after assuming power, increased the power generation from 3200 MW to 6675 MW through installing 55 various kinds of power generation plants, including the quick rental ones. The Prime Minister said she wants to see what the critics of quick rental power plants will do when the power generation will come down to 3200 MW again. “People will then realise what the Awami League government did for them,” she said adding that otherwise the criticism will never end. Hasina also advised the critics to refrain from unnecessary criticism for averting the uncomfortable situation in the near future.
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http://www.theindependentbd.com/index.php?option=com_content&view=article&id=177740:officials-divided-over-extension-of-power-projects&catid=129:frontpage&Itemid=121 Dhaka, July 13: Officials are divided over a proposal to convert rental and quick-rental power projects into IPPs and extend their tenure, to stave off a possible power crisis in the country. At present, rental and quick-rental power projects jointly generate 1,561MW of electricity. This is about a third of the country's total generation capacity. Supporters said the tenure of these plants would expire in 2016, and base-load power projects would not be commissioned till 2020. Therefore, the existing projects should be allowed to function in the intervening years, to meet the country's demand for electricity. Naysayers, however, argued that these oil-based plants were eating into a large amount (44 per cent) of subsidy for the power sector, and extending their tenure would be suicidal for the country's economy. According to sources in the power division, the idea to extend the tenure of the existing plants was first mooted by an adviser to the power ministry. Following this, some private owners had sought the ministry's permission to run their projects beyond 2016. The government had formed a committee headed by additional secretary Md Mofazzel Hossain on April 17, to sort out the issue. The committee was asked to submit its report by May 15. Sources said the committee had held three meetings, but failed to reach a conclusion. "Several officials in the meetings were opposed to extending the tenure of the power projects, saying that it would be a suicidal for the Power Development Board (PDB) and the national economy. Rather, they proposed that the government should give extension only to the efficient projects," a PDB official told The Independent, on condition of anonymity. "We identified certain problems with the existing projects. We saw that 12 such projects were suffering from operational faults, low technical performances and legal complexities. Moreover, six rental power projects tripped frequently due to low capacity engines and this created instability in the national grid system," the official said. "Due to these causes, the outage rate of these plants is high and they also use additional fuel that finally increased cost," he said, adding: "But the final word is that we are under pressure." CPD head Mustafizur Rahman said, "These costly oil-based plants put the country's financial health under serious strain as the PDB has to bear a huge burden of subsidy because of very high purchasing price of electricity." "On the one hand, consumers are paying higher power tariffs. On the other, the government is paying higher subsidies to the power sector.” Bangladesh Institute of Development Studies, a government-funded research organisation, on the other hand, said that the government could renew it
THREE years ago, I wrote an article (DS, May 5, 2010) entitled “High-cost rental power for three years!” soon after the first two deals for rental power had been signed. In that article I argued that high-cost rental power was a stop-gap arrangement to supply emergency power for short periods only. I suggested that we should not continue with high-cost and inefficient rental power for more than one year and we should go for more efficient (50%) two-stroke slow speed diesel generators to meet emergency power. In subsequent articles, I pleaded to phase out all inefficient rental power plants and also the old gas-based steam power plants and replace them by more fuel efficient combined cycle power plants. At that time, I could not imagine that three years later I would be writing another article on extension of the high-cost rental power contracts! The government paid huge amounts of subsidies in thousands of crores for high-cost rental power. Simultaneously, the electricity rates have also been increased to partly compensate the subsidies. There have been two interesting studies on extension of rental power recently. The executive director of the Centre for Policy Dialogue (CPD) said, “The government should try to phase out the rental power plants as early as possible.” According to a study by CPD, the subsidy on the rental power plants in 2011-12 accounted for about 44 percent of the total subsidy to the power and energy sector. The CPD correctly identified the problem of rental power. It said, “The inefficiency of using rental plants will increase further if the government gives extension to most rental power plants without taking into consideration their level of efficiency.” According to the CPD study, the gap between installed capacity and generation has been widening over the years, from 1,004 MW in 2009 to 3,118 MW in April 2013. Bangladesh Institute of Development Studies, a government funded research organisation, on the other hand, said that the government could renew its power purchase contracts with a select group of the privately run quick rental plants that were running on ‘good’ operational conditions. Their findings are based on the recent government estimates that the electricity generated by the quick rental power plants (QRPPs) contributed between Tk 52,093 crore and Tk 121,168 crore to the national GDP in last three years. In a country with a huge gap between power demand and generation, any amount of electricity, no matter how it was generated, would have contributed to the national GDP. The question is at what cost we generated that electricity. The contribution to GDP would certainly have been more significant if we could generate it at much lower costs using more efficient power plants. This would have substantially reduced the amount of subsidy that has been virtually draining out our economy. There are two important issues that need to be considered here. First, the gove
http://www.theindependentbd.com/index.php?option=com_content&view=article&id=177245:chinese-company-proposes-to-invest-24b-in-pmb-project&catid=129:frontpage&Itemid=121 DHAKA, JULY 9: Communications minister Obaidul Quader on Tuesday said that a Chinese company has proposed Bangladesh to invest US $ 2.4 billion in Padma Multipurpose Bridge (PMB) project. A four member delegation led by Exim Bank of China's assistant president Yang Biao on behave of the company has given the proposal to Communications Minister Obaidul Quader during a meeting held at his secretariat office. “A state-owned Chinese company 'Poly Technologies has proposed Bangladesh to invest US $ 2.4 billion to PMB project. The investment will be under the Government to Government (G2G) basis. The bridge will be constructed on 'built-own-operate-transfer (BOOT)' system. It's a good proposal for Bangladesh which will be more effective than that of the World Bank (WB),” the communications minister told reporters after the meeting. The WB finally cancelled the $1.2 billion loan for the Padma Multipurpose Bridge project over allegations of corruption dealing a blow to the country's biggest infrastructure project on June 29 last year. Quader said, “the Poly Technologies gave their proposal a few days ago. The Economic Relation Division (ERD) is examining the proposal. If the proposal seems to be on behave of our interest, we will consider it positively and sign a memorandum of understanding (MoU) with them.” Denying describing details on the issue before signing an MOU with the authority, the communications minister said, “So far I know it's a better proposal than the World Bank. It will reduce the pressure of foreign exchange of the country. The authority also expressed their interest to invest in some infrastructural projects including 'Dhaka-Chittagong Elevated Express Way'. Sources said, the interest rate would be lower than the Malaysian proposal. Other members of the delegation that met with the minister, are- Exim Bank’s business manager Li Yiding and Poly Technologies’s general manager Zhao Lingzhi and senior project manager Jiang Ying. Bangladesh also signed a memorandum of understanding (MoU) on construction of the PMB with Malaysian company in Kuala Lumpur on April 10 last year. Earlier, the World Bank suspended its promised US$ 1.2 billion funding for the PMB project on allegations of corruption in its consultancy service. The government signed deals to procure funds worth US$ 1.2 billion from the WB, USD 615 million from the Asian Development Bank, USD 400 million from Japan International Cooperation Agency, and USD 140 million from Islamic Development Bank, to arrange funding for the USD 2.9 billion PMB , the country’s longest bridge spanning the huge river opening the south western region with the capital. The 6.15-km bridge, with a total of 3.68-km land-based approach viaducts on both sides of the
GCM, in which Polo has a 29.8 per cent equity interest, announced on 26 June 2013 changes to its board which currently comprises Polo Executive Co-Chairman and Managing Director Michael Tang as Executive Chairman, Polo Non-Executive Director Guy Elliott as Non-Executive Director and former Polo Executive Co-Chairman and Managing Director Neil Herbert. GCM is currently working to raise funding for its working capital needs to enable it to advance the development of the major Phulbari Coal Project in Northwest Bangladesh.
"We work hand in hand with management in all our investments. I was recently appointed Executive Chairman of GCM Resources plc, alongside other new appointees. The new Board is working to reduce costs and is looking to raise further finance, whilst fully addressing any concerns over compliance with international standards.
Watermark Global Change of Name Change of Name Watermark Global Watermark Global Plc (the “Company") 2 July 2013 Change of Name Watermark Global plc, the AIM quoted investment company, announces that following a board resolution and pursuant to its articles of association, the Company has changed its name to Armadale Capital Plc. The Company’s TIDM code will be ACP, effective from 8.00 a.m. on 3 July 2013.
i know this is off topic , but i was looking into wet.l for a while now (have noticed searcher on their boards) and suddenly the company has disappeared. Can anyone shed some light as what has happened or is it just a technical issue many thanks in advance for any info
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