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S Alam Group supporting GCM/PowerChina Phulbari proposal - they are LARGEST Bangla private industry with annual turnover over $4 Bn and employ over 89,000 people.
They own SS POWER Ltd which approach GCM re: Coal purchase.
We understand Economic Crisis (and Why) which impact Industrial base / competitiveness - S Alan Group (and others) want this address and ONLY near term solution is Domestic Coal production.
S Alan Group are 'super players' in Bangladesh, have direct friendship with Prime Minister Hasina & major supporter of Political Party.
If they (more then even ANY other Industrialists) want it - they GET it!
Even with money laundering allegation against S Alam (for $billion dollar money transfer to Singapore to build businesses there), they get High Court overturn.
*We see S Alam Group Chairman Mr Saiful Alam, Sons and Directors of company with Sheikh Hasina on election victory (source: en.barta24).
It is not surprising when we have statement like this - "The State Minister for Power, Energy and Mineral Resources even spoke in Parliament on the extraction of those Coal resources, citing that PHULBARI COAL DEPOSIT is the Country's only REALISTIC Open Pit Coal option." (29th Jan RNS) - follow by BBC article etc against WORSENING Economic backdrop.
It is because major Govt backer S Alam Group (and other Industrialists) have decided this is Energy path for country to save Country's Manufacturing / Industrial base.
If course investors can always prefer to sit out and wait for what is potentially biggest riser stock anywhere on AIM - follow the 'in country' money men (and ALL other Economic / Political logic) or bb trolls!
The S Alam support for Phulbari Coal is HUGE factor - watch!
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The main problem in the power and energy sector is the implementation of power and energy projects one after the other without tendering under the umbrella of Rapid Increase in Supply of Power and Energy (Special Provisions) Act to benefit various domestic and foreign groups without any accountability. This has resulted in unplanned establishment of excess capacity power plants and high capacity charges. On the other hand, it is planned to generate electricity using imported primary fuels like LNG, oil and coal without giving importance to the exploration and extraction of local sources of energy like renewable energy and natural gas.
Without addressing these core issues, increasing the price of electricity will not solve the crisis in the power and energy sector. As a result of this, the country's economy and the lives of common people will only be disturbed.
https://www.prothomalo.com/opinion/column/3f7lzd66br
Exactly Mr Tarkadahl.
12 Energy price rises in 3 years to fulfill IMF conditions & Worsening Foreugn Exchange Crisis with a near default for May and expected shortfall June.
Bangkadesh's manufacturing base is being destroyed and Exports (which help FX situation) becoming non competitive.
This is why you have major I dustrialisrs like S Alam Group now pushing on Domestic Coal production - they are the ones with the real influence and S Aslam group company SS Power already in talks with GCM / PowerChina.
Good tofo us on sebsible investor base discussion here for benefit of while BB 馃
Filter button is spot on!!!
Good likelihood of decision this month with Project proposal April and IMF conditions to be cleared with next FX reserve deadline coming up!
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Mr Fission - you sound desperate. I am not surprised when you look at Triple digit upside here.
You really want to be not holding with News due any time now?
I will go with Banglaxesh's biggest Industrial group (and friends of PM Hasina) who are ALREADY in negotiation with GCM for Phulbari coal - think about it!
WOS, please can you send a link to proof of the S Alam Group info. Cheers
From RNS 11th March
Coal Supply Expressions of Interest:
The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.
Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.
The current coal-fired power plants include:
路 Existing Barapukuria plants 525 MW
路 Payra 1,320 MW
路 Rampal 1,320
路 Matarbari 1,200 MW
路 S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
路 Barisal 350 MW (Independent power producer Barisal Electric Power Company)
Thank you
Thank you Mr Mimbrit.
Then we look at who own SS Power (S Alam Group) and how powerful they are in Bangladesh (who was standing next to PM Hasina at election victory? Mr Saiful Alam and sons.
With $4 Billion annual turnover of businesses it is critical to ensure uninterrupted, lower cost Energy - not worsening crisis & FX meltdown!
*This is even without PowerChina connection and Govt dependence on China for Emergency IMF default bailout loan.
Also remember Energy Minster state in Parliament that PHULBARI is 'only realistic open pit mining option'.
All this is being orchestrated by major Industrial players for go ahead of Project Proposal put forward in April.
I have been Accumulating with no interest in little trading - I don't expect Supply v Demand to become very tight again very soon.
I do expect Supply v Demand to get very tight very soon!
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"The government is taking Suicidal decisions one after another to meet the conditions of the IMF" - article 20 hrs ago dailyjanakantha.com/economy/news/722350
This is why Domestic fuel resources using "All mines" will be going ahead!
That suicide is dangerous it brings on many changes and I can take or leave it if I please...........
The game of life is hard to play, I'm going to lose it anyway, the losing card I'll someday lay, so this is all I have to say............suicide is painless.
Great song, Theme from Mash c. 1970