Bangladesh Business News

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source : Forbes


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Energy firm plans UK IPO for Bangladesh power plan
Reuters, 03.06.04, 7:01 PM ET

By Steve Slater

LONDON, March 7 (Reuters) - Asia Energy Plc, the owner of a coal mine project in Bangladesh that aims to ease the country's power shortages, said on Sunday it planned to raise about 15 million pounds ($27 million) by listing its shares in London.

UK-based Asia Energy said the initial public offering (IPO) on London's junior AIM market, planned for late-March, should value the firm at 30-40 million pounds.

It said only new shares would be sold in the offer. Existing shareholders -- including Cambrian Mining and management -- would not sell shares.

W.H. Ireland is adviser to the float and broker.

Asia Energy owns the Phulbari Energy Project in north-west Bangladesh, about 350 kilometres from the capital, Dhaka.

The company said a mine and associated power station should provide about a quarter of the energy needs for Bangladesh's population of over 130 million population when it is fully operational around 2016.

David Lenigas, executive director, said Phulbari should be producing coal by 2009, and the extra power supply and boost from spin-off industries such as brick and glass-making could have a far reaching impact.

"The company's consultants estimate the project and its spin-offs from the infrastructure investments has the potential to increase the Bangladeshi GDP by 60 percent by the year 2040," Lenigas said.

Last year a new coal mine opened in the north of Bangladesh and the government said it hoped coal power could help reduce its reliance on gas power.

Asia Energy plans to produce nine million tonnes of coal per year at Phulbari and sell coal to the local and export markets. It said it would be involved in developing a local power station with a generating capacity of up to 2,200 megawatts for up to the next 50 years.

Phulbari was discovered by mining giant BHP Billiton in 1997, and purchased by Asia Energy in 1998.

Copyright 2004, Reuters News Service

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NEPC Set To Export Wind Turbines To Bangladesh

JOSEPH VACKAYIL

CHENNAI, MARCH 9: NEPC India Ltd is finalising plans to export wind turbines to Bangladesh. Bangladesh is planning to install 100-mw wind power capacity in the next three years.



For the initial installation and as demonstrating projects, Bangladesh has placed orders for four 225-kw wind turbines with NEPC, according to its vice-chairman, Mr Rajkumar Khemka.

“We will export these machines to Bangladesh next month. We hope to bag more orders and participate actively in the wind power development plans of Bangladesh,” Mr Khemka told FE.

NEPC has also floated a 50:50 joint venture company in Kazakhstan, Turkesthanenergo-NEPC, to develop a 100-mw wind farm there in partnership with the Kazak government.

It is also in the process of setting up another joint venture company in Tanzania, a Central African country, Tanzania Wind Power Company Ltd. NEPC will have 33 per cent stake in this company for putting up 100 mw wind mills during the next two years. Investment details for these projects are being worked out, Mr Khemka said.

It has also got orders from Kenya and the United Arab Emirates (UAE). The company has been performing well on the home turf also. “We hope to conclude this financial year with wind turbine sales of over Rs 200 crore,” Mr Khemka said. The company, which has most of its projects in Tamil Nadu, has been in talks with investors in Karnataka, Gujarat and Rajasthan too.