from press release earlier..20 Mar 2019 08:39
Mr. M. Anwarul Islam (GCM’s General Manager Environment and Community) delivered a speech confirming the huge potential benefits coming from the Project and that the environmental and social impacts have been studied in detail and can be effectively managed. Bangladesh energy expert, Mr Mollah Amzad Hossain, spoke about the energy and power situation in the country and how large-scale power generation utilising domestic coal will assist in meeting the government’s targets for power generation and industrial development.
Datuk Michael Tang PJN, Executive Chairman of GCM, said “The JV Agreement and EPC Contract are key milestones for the development of the 2nd proposed 2,000MW 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 at the lowest cost for the country. The Phulbari Coal and Power Project will deliver a significant multiplier effect on the nation’s advancement.”
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 5 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.”
GCM had earlier on signed a Joint Development Agreement for a separate 2,000MW of coal fired power plants in the same area with another China State Owned Enterprise. The combined investment will be fully funded by GCM and its partners, i.e. complete foreign investment without requiring local funding. However, GCM would also invite and welcome the GoB or other local parties to participate in the Project. This proposal will be one of the largest direct foreign investment into the country.
GCM has invested some US$60 million to-date for its Bangladesh projects. GCM is a mining and energy company, listed on the London Stock Exchange AIM market. GCM aims to become a low cost electricity producer and coal mine operator in Bangladesh.
POWERCHINA is a central government owned key enterprise of the People's Republic of China, and is a world-leading integrated engineering construction group.
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