Saudi aramco and ACWA invest in LNG projects in Bangladesh

According to Reuters, Saudi Aramco and Saudi Arabian power and water plant developer ACWA recently signed an agreement with Bangladesh to develop a 3,600 MW LNG power plant and terminal in the country. The Bangladeshi government said at the signing ceremony that Saudi Arabia will invest about $3 billion as part of the agreement.

The Prime Minister’s investment adviser, Salman Fazul Rahman, said the agreement represented Bangladesh’s biggest deal in the lucrative power industry and reflected confidence in the country’s investment environment.

ACWA Chairman Mohamed Abdullah Abyan Yayan said his company will make direct investments next year, and he described the project as a “milestone”, which will be the company’s largest natural gas power generation development. The first cooperation with Saudi Aramco in the category project. The factory and terminal will be built in Mohashkali or Pera Port in the Cox's Bazaar area.

Riyadh and Dhaka have long maintained close bilateral relations, and the country is the country’s most important source of remittances to the sea. In recent years, relations between the two countries have continued to deepen. The two countries signed a defense agreement in February this year. In March of this year, a 52-member strong Saudi investment delegation signed a series of agreements and memorandums of understanding worth up to $20 billion.