IFC, Excelerate Secure Funds for 1st Bangladeshi LNG Project

Image Courtesy: Excelerate Energy

Excelerate Energy Bangladesh Limited (Excelerate) and IFC, a member of the World Bank Group, have secured debt financing for Bangladesh’s first liquefied natural gas (LNG) import terminal.

The equity for the country’s Moheshkhali Floating LNG project had been tied up earlier with IFC coming in with a contribution of USD 10.8 million and Excelerate’s equity amount of USD 43.1 million.

To be located offshore Moheshkhali island in the Bay of Bengal, the project has an estimated cost of USD 179.5 million.

IFC helped arrange the debt financing package of USD 125.7 million for the LNG project including IFC’s loan of USD 32.8 million from its own account and the balance from CDC Group, DEG, FMO and JICA. The funding will support the timely construction and installation of the fixed infrastructure required for the project, according to the companies.

Bangladesh’s first LNG import terminal will enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent, sufficient to support up to 3,000 MW of power generation capacity.

The construction of the terminal will commence in the fourth quarter of 2017 and is expected to be in service by mid-2018.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >