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China to give $554m for Single Point Mooring project

State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Sunday said coordinated initiatives would ensure energy security in the country.

"We have given emphasis on easy availability of crude oil by using multi- lingual LNG, LPG or coal," he said while speaking as the chief guest at the Framework Agreement ceremony at NEC-2 conference room at Sher-E-Banglanagar in Dhaka.

Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and Chinese Ambassador to Bangladesh Ma Mingqiang signed the deal for financing the "Installation of Single Point Mooring (SPM) with Double Pipeline."

The state minister said it is necessary to adopt infrastructural master plan or economic development master plan for the country.

Seeking more Chinese assistance for implementation of various projects undertaken by the DPDC or PGCB, Nasrul said the Dhaka city would be brought under uninterrupted power supply by implementing the DPDC`s projects.

He said the opportunity has been created for investment of $ 25 billion in electricity and energy sector in Bangladesh.

The state minister also sought Chinese support for developing a disaster infrastructure rescue team, adding, "The amount of foreign aid in the SPM project is $ 554.40 million, out of which the flexible loan amount is US $ 82.56 million and the amount of Preferential Buyer`s Credit (PBC) is $ 467.84 million."

Among others, BPC chairman Abu Hena Mohammad Rahmatul Munim was also present.

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