RNS excerpt17 Jan 2019 14:45
Executive Chairman of GCM, Datuk Michael Tang PJN, stated:
"I am thrilled that POWERCHINA and GCM have been able to complete the JV Agreement and EPC Contract on a very aggressive timeframe, and would like to express my sincere thanks to the POWERCHINA team for the enthusiasm shown in finalising these agreements. The spirit in which both parties have worked together is a strong sign of a positive, long-term partnership.
The JV Agreement and EPC Contract are key milestones for the development of the 2nd proposed 2 x 1,000MW Power Plant Project at the mine site and aligns with GCM's strategy to present a holistic power solution to the Government of Bangladesh which can generate 6,000MW for the country. We are confident that the Phulbari Coal and Power Project will deliver substantial benefits for the Government, the people of Bangladesh and our shareholders."
Mr. Ding Zheng Guo, Chairman of PowerChina International Group Limited, stated:
"POWERCHINA is delighted to be a partner with GCM to deliver an integrated mine and power plant for the people of Bangladesh. Completing the JV Agreement and EPC Contract were very important steps in progressing the combined Project. As the Power Plant contractor, we are committed to a positive relationship with the community and to construct an environmentally friendly power plant for the benefit of the local people.
POWERCHINA has made a strong contribution to Bangladesh, having completed 10 infrastructure projects including five power plants totaling US$750m and 12 current projects amounting to US$4.6 billion including two coal fired power plants of 1,670MW. We look forward to working with Datuk Michael Tang PJN and his team to deliver a world class proposal that is beneficial and acceptable to the Government of Bangladesh."