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Malaysian to set up 1320 MW coal-fired power plant

Business Report

The government signed two memorandums of understanding (MOU) with Malaysia. last week to set up a 1,320 MW coal-based mega power plant at Maheshkhali Island in the coastal Cox’s Bazar district.
It may cost up to US$ 2 billion as per initial estimate while the actual cost will be ascertained by a feasibility study. It will be set up on 550 acres of land with two units  having a production capacity of 660 megawatt each. Its commercial production is being visualized sometime after 2019.
One the two MOUs is a government-to-government deal and the other is a public-private partnership agreement.
State Minister for Power, Energy and Natural Resources Nasrul Hamid and Malaysian Prime Minister’s special envoy Samy Vellur’s signed the MOU with the government to government deal at Sonargaon Hotel in the capital last week.
The Public-Private joint venture project was signed between Bangladesh Power Development Board (BPDB) and a consortium of Malaysian power companies called  Tenaga Nasional Berhad (TNB) and Powertek Energy Berhad.
Powertek owns and operates nine power plants, and has investments in power plants across six countries — Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates — with a net generation capacity of 3,981MW, according to the company’s website.
As per understanding, BPDB, TNB and Powertek will provide 20 to 30 percent of the project cost while the rest will come from bidders. The plant will be a fifty-fifty joint venture between TNB-Powertek and BPDB.
The TNB-Powertek consortium would provide technical leadership and coordinate the feasibility study while BPDB would provide land for the project. It would be developed on a non-recourse financing basis. The JV company would sign a long-term power purchase agreement with BPDB as the sole off-taker of power, Vellu said.
Finance Minister AMA Muhith, Energy adviser Tawfiq-e-Elahi Chowdhury were among others present on the occasion. BPDB Chairman Abduhu Ruhullah, TNB Vice President Nazri Shahruddin and Powertek Chief Executive Officer Ong Peng Su signed the other MoU on behalf of their organizations.
On the project’s timeline, Vellu said the feasibility study is likely to be conducted in
six to nine months time. It would take three to six months to float tender for the EPC contract and nine to 12 months to complete project documentation on financing. At least four years would be required to complete the construction work.
The plant will consume 11,000 tonnes of coal a day, and the coal might be sourced from Indonesia, South Africa, Australia and Mozambique. The government plans to produce 40,000MW of electricity by 2030 and half of which will be generated from coal.
The government’s is going to transform Maheshkhali Island as the country’s energy hub where coal; based power plants will produce a total of 10,000MW electricity along with a major LNG-based power plant and an LNG terminal.

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Business Report

The government signed two memorandums of understanding (MOU) with Malaysia. last week to set up a 1,320 MW coal-based mega power plant at Maheshkhali Island in the coastal Cox’s Bazar district.
It may cost up to US$ 2 billion as per initial estimate while the actual cost will be ascertained by a feasibility study. It will be set up on 550 acres of land with two units  having a production capacity of 660 megawatt each. Its commercial production is being visualized sometime after 2019.
One the two MOUs is a government-to-government deal and the other is a public-private partnership agreement.
State Minister for Power, Energy and Natural Resources Nasrul Hamid and Malaysian Prime Minister’s special envoy Samy Vellur’s signed the MOU with the government to government deal at Sonargaon Hotel in the capital last week.
The Public-Private joint venture project was signed between Bangladesh Power Development Board (BPDB) and a consortium of Malaysian power companies called  Tenaga Nasional Berhad (TNB) and Powertek Energy Berhad.
Powertek owns and operates nine power plants, and has investments in power plants across six countries — Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates — with a net generation capacity of 3,981MW, according to the company’s website.
As per understanding, BPDB, TNB and Powertek will provide 20 to 30 percent of the project cost while the rest will come from bidders. The plant will be a fifty-fifty joint venture between TNB-Powertek and BPDB.
The TNB-Powertek consortium would provide technical leadership and coordinate the feasibility study while BPDB would provide land for the project. It would be developed on a non-recourse financing basis. The JV company would sign a long-term power purchase agreement with BPDB as the sole off-taker of power, Vellu said.
Finance Minister AMA Muhith, Energy adviser Tawfiq-e-Elahi Chowdhury were among others present on the occasion. BPDB Chairman Abduhu Ruhullah, TNB Vice President Nazri Shahruddin and Powertek Chief Executive Officer Ong Peng Su signed the other MoU on behalf of their organizations.
On the project’s timeline, Vellu said the feasibility study is likely to be conducted in
six to nine months time. It would take three to six months to float tender for the EPC contract and nine to 12 months to complete project documentation on financing. At least four years would be required to complete the construction work.
The plant will consume 11,000 tonnes of coal a day, and the coal might be sourced from Indonesia, South Africa, Australia and Mozambique. The government plans to produce 40,000MW of electricity by 2030 and half of which will be generated from coal.
The government’s is going to transform Maheshkhali Island as the country’s energy hub where coal; based power plants will produce a total of 10,000MW electricity along with a major LNG-based power plant and an LNG terminal.


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MTB signs agreement with Shurjomukhi for Online Payment Service

Business Report

Managing Director and CEO of Mutual Trust Bank Ltd. (MTB) Anis A. Khan and CEO and Managing Director of Shurjomukhi Fida Haq are exchanging documents after signing of the agreement flanked by others in the picture.

Mutual Trust Bank Limited (MTB) signed an agreement with Shurjomukhi for ‘Online Payment Services’ using MTB’s Internet Banking. The agreement was signed at the Bank’s corporate head office at Gulshan in the city.
The agreement will facilitate payment to MTB customers for purchasing  products and services offered by businesses affiliated with Shurjomukhi network which operates as a clearing house.
MTB Internet Banking service users will be able to book tickets of local airline companies, make hotel reservations, order food from restaurants, top-up airtime, do online shopping etc.
Managing Director and CEO of Mutual Trust Bank Ltd. (MTB) Anis A. Khan and CEO and Managing Director of Shurjomukhi Fida Haq, signed the agreement on for their respective organizations. MTB Group Chief Information Officer Md. Shah Alam Patwary, Head of Alternate Delivery Channel (ADC) Md. Nazmul Huda Sarkar among other senior officials of both the organizations were present on the occasion.

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Business Report

Managing Director and CEO of Mutual Trust Bank Ltd. (MTB) Anis A. Khan and CEO and Managing Director of Shurjomukhi Fida Haq are exchanging documents after signing of the agreement flanked by others in the picture.

Mutual Trust Bank Limited (MTB) signed an agreement with Shurjomukhi for ‘Online Payment Services’ using MTB’s Internet Banking. The agreement was signed at the Bank’s corporate head office at Gulshan in the city.
The agreement will facilitate payment to MTB customers for purchasing  products and services offered by businesses affiliated with Shurjomukhi network which operates as a clearing house.
MTB Internet Banking service users will be able to book tickets of local airline companies, make hotel reservations, order food from restaurants, top-up airtime, do online shopping etc.
Managing Director and CEO of Mutual Trust Bank Ltd. (MTB) Anis A. Khan and CEO and Managing Director of Shurjomukhi Fida Haq, signed the agreement on for their respective organizations. MTB Group Chief Information Officer Md. Shah Alam Patwary, Head of Alternate Delivery Channel (ADC) Md. Nazmul Huda Sarkar among other senior officials of both the organizations were present on the occasion.


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Emirates launches new Skycargo container services

Business Report

IN keeping with demands in changing business environment, Emirates SkyCargo,
the freight division of Emirates has launched an internally developed and cost effective container service, the airline said in a statement.
The new system will keep temperature sensitive cargo cool when transported on the ground and in the air. White Container is the latest addition to SkyCargo's cool chain portfolio and has been designed specifically as an intermediate temperature control solution which is ideal for generic healthcare products and food perishables, the press release said.
The inside of the container is coated with thermal insulators, which prevents the transfer of outside heat into the container and uses coolant trays allowing handlers to add or replenish dry ice or coolants without disturbing the packaging.
“It can be used for shipments requiring temperatures between 2°C - 8°C and 5°C - 25°C reliably,” Emirates said.
The new facility has an advanced storage system and a perishable area designed to handle about 140,000 tonnes of cargo per annum, according to the statement.

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Business Report

IN keeping with demands in changing business environment, Emirates SkyCargo,
the freight division of Emirates has launched an internally developed and cost effective container service, the airline said in a statement.
The new system will keep temperature sensitive cargo cool when transported on the ground and in the air. White Container is the latest addition to SkyCargo's cool chain portfolio and has been designed specifically as an intermediate temperature control solution which is ideal for generic healthcare products and food perishables, the press release said.
The inside of the container is coated with thermal insulators, which prevents the transfer of outside heat into the container and uses coolant trays allowing handlers to add or replenish dry ice or coolants without disturbing the packaging.
“It can be used for shipments requiring temperatures between 2°C - 8°C and 5°C - 25°C reliably,” Emirates said.
The new facility has an advanced storage system and a perishable area designed to handle about 140,000 tonnes of cargo per annum, according to the statement.


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Tax returns date to extend till end October

Business Report

The Income Tax Fair ended on September 22 in the capital and at the divisional headquarters and district towns with tremendous revenue collection beating records of the previous years.
Meanwhile the deadline for submission of income tax returns for the last fiscal 2013-14 is likely to be extended by another month from September 30 to end October in the face of demands from the country's apex trade body.
Preparations for two major religious festivals, Eid-ul-Azha and Durga Puja, which fall early next month, mean that taxpayers might be unable to complete all formalities before the September 30 deadline, NBR sources said.
The move means it would be yet another year that the NBR has given more leeway to individual taxpayers to comply with tax rules such that it raises the state's capacity to finance annual expenditures.
Last year, the tax authority extended the deadline several times due to political unrest and to give people time to get electronically generated taxpayer identification numbers (TIN).
The tax administration introduced online TIN to clean up its database of TINs that were issued manually earlier.
Some 3.91 lakh taxpayers signed up for TINs for the first time following the introduction of the online system, while 9.65 lakh of the old TIN holders re-registered.
However, the total number of taxpayers who furnish income tax and wealth statements remains lower than the registered TIN holders.
Last year, 10.38 lakh taxpayers submitted their tax returns, down 10.82 per cent year-on-year, according to NBR.
Taxmen blamed the sluggish economic pace owing to political instability for the reduced submission of returns.

Comment

Business Report

The Income Tax Fair ended on September 22 in the capital and at the divisional headquarters and district towns with tremendous revenue collection beating records of the previous years.
Meanwhile the deadline for submission of income tax returns for the last fiscal 2013-14 is likely to be extended by another month from September 30 to end October in the face of demands from the country's apex trade body.
Preparations for two major religious festivals, Eid-ul-Azha and Durga Puja, which fall early next month, mean that taxpayers might be unable to complete all formalities before the September 30 deadline, NBR sources said.
The move means it would be yet another year that the NBR has given more leeway to individual taxpayers to comply with tax rules such that it raises the state's capacity to finance annual expenditures.
Last year, the tax authority extended the deadline several times due to political unrest and to give people time to get electronically generated taxpayer identification numbers (TIN).
The tax administration introduced online TIN to clean up its database of TINs that were issued manually earlier.
Some 3.91 lakh taxpayers signed up for TINs for the first time following the introduction of the online system, while 9.65 lakh of the old TIN holders re-registered.
However, the total number of taxpayers who furnish income tax and wealth statements remains lower than the registered TIN holders.
Last year, 10.38 lakh taxpayers submitted their tax returns, down 10.82 per cent year-on-year, according to NBR.
Taxmen blamed the sluggish economic pace owing to political instability for the reduced submission of returns.


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Surge in call money rate ahead of Eid

Business Report

Demand for cash is surging ahead of Eid-ul-Azha and banks are facing growing pressure to make room for greater transaction at the customers counters. As a result, many private banks which are running short of fund have been forced to borrow from call money market to meet their temporary demand for cash.
The inter-bank call money rate has thus surged to 8.25 per cent on Tuesday as some private banks rushed to borrow to meet their overnight demand.
Total transactions in the market increased during the past one week. A total of Tk 8,452 crore was traded in the call money market Tuesday which is up by Tk 129 crore from the previous day.
Bankers say Eid-ul-Azha and Durga Puja are being celebrated this year almost together creating additional demand for cash. This is in addition to seasonal demand which is also on rise this time. Credit off-take is thus gradually rising.
State banks—Agrani, Janata, Rupali and Sonali—were the major lenders with
Tk 3,924 crore on Tuesday’s call money market. Five foreign banks also lent Tk 668 crore on the day. Inter-bank call money market remained sluggish in the past several months and the borrowing costs in this market was around 7 per cent. Bankers attributed this slowdown on their surplus funds. The call money rate generally increases significantly during festivals like Eid, but it was stable, within 10 per cent, in the last two years.
The rate has increased due to demands for cash from tannery and leather businessmen. A huge amount of money will flow out of the banks to meet payments for wages and festival bonuses and pay for hide and skin. Banking sources said.
The highest call money rate was 7 per cent on September 15. The rate jumped to 8 per cent on the following day and 8.25 per cent on Tuesday. The lowest rate, which was 5.5 per cent on September 15, rose to 6.4 per cent on September 23.
Some bankers expected the rate to rise further in the next week, the last few working days before the Eid.

Comment

Business Report

Demand for cash is surging ahead of Eid-ul-Azha and banks are facing growing pressure to make room for greater transaction at the customers counters. As a result, many private banks which are running short of fund have been forced to borrow from call money market to meet their temporary demand for cash.
The inter-bank call money rate has thus surged to 8.25 per cent on Tuesday as some private banks rushed to borrow to meet their overnight demand.
Total transactions in the market increased during the past one week. A total of Tk 8,452 crore was traded in the call money market Tuesday which is up by Tk 129 crore from the previous day.
Bankers say Eid-ul-Azha and Durga Puja are being celebrated this year almost together creating additional demand for cash. This is in addition to seasonal demand which is also on rise this time. Credit off-take is thus gradually rising.
State banks—Agrani, Janata, Rupali and Sonali—were the major lenders with
Tk 3,924 crore on Tuesday’s call money market. Five foreign banks also lent Tk 668 crore on the day. Inter-bank call money market remained sluggish in the past several months and the borrowing costs in this market was around 7 per cent. Bankers attributed this slowdown on their surplus funds. The call money rate generally increases significantly during festivals like Eid, but it was stable, within 10 per cent, in the last two years.
The rate has increased due to demands for cash from tannery and leather businessmen. A huge amount of money will flow out of the banks to meet payments for wages and festival bonuses and pay for hide and skin. Banking sources said.
The highest call money rate was 7 per cent on September 15. The rate jumped to 8 per cent on the following day and 8.25 per cent on Tuesday. The lowest rate, which was 5.5 per cent on September 15, rose to 6.4 per cent on September 23.
Some bankers expected the rate to rise further in the next week, the last few working days before the Eid.


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LAST WORD
Organisation of Islamic Cooperation
UNAoC pioneering role
6TH GLOBAL FORUM OF THE UN ALLIANCE OF CIVILIZATIONS Highlights of Statement  by H.E. Iyad A. Madani
OIC’s antidote to Clash of Civilizations
Indonesian President on OIC endeavours
Update: September 15, 2014 OIC dairy September 1 to 14 IRCICA special event (OIC’s Istanbul Research Centre for Islamic history, Culture and Art,) at the Sixth Global Forum of the Alliance of Civilizations Bali, 29 August 2014.
Update: September 15, 2014 OIC Secretary General in Uganda FIGHTING EBOLA, ERADICATING POVERTY, AND CONFRONTING EXTREMISM
Update: September 15, 2014 Palestine & Al-Quds Affairs
Update: September 15, 2014 World Summit on Media for Children
Update: September 15, 2014 UN Training Program, Mali Peace Negotiation & EU consultations
Update: September 15, 2014 NEW IRAQI GOVERNMENT OIC welcome development
Update: September 15, 2014 Danish Foreign Minister at the OIC
  OIC dairy 15 to 28 September   OIC-EU agreement to settle a common grounds for partnership  
   OIC dairy 15 to 28 September   OIC Secretary General in Chicago
 OIC dairy 15 to 28 September   Role of faith in care of reproductive & sexual health
 OIC dairy 15 to 28 September   OIC Islamophobia Observatory August Report released to Press Decline in incidents but disturbing manifestations  
 OIC dairy 15 to 28 September   69th UN General Assembly OIC Secretary General conducts series of sideline meetings  
 OIC dairy 15 to 28 September   National Unity government in Afghanistan
 OIC dairy 15 to 28 September   OIC Secretary General talks to US Secretary of State
 OIC dairy 15 to 28 September   OIC Contact Group meeting on Ebola menace
 OIC dairy 15 to 28 September   OIC welcomes Obama’s call to confront extremist ideology
 OIC dairy 15 to 28 September   ROHINGYA ISSUE OIC Secretary General meets Myanmar Foreign Minister  
 OIC dairy 15 to 28 September  Developing global goodwill OIC Secretary General meets the Foreign Ministers of Russia and China  
 OIC dairy 15 to 28 September   OIC meeting on Ebola in Geneva
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