United Power’s profit drops 16.18%

Indonesia plans to invest $500 million in a 500 MW solar power project on Maheshkhali Island in Cox's Bazar, Bangladesh. The project will be developed jointly by PT Pomarina Power and Bangladesh's state-owned Coal Power Generation Company Limited (CPGCBL).

The Bangladesh Petroleum Corporation (BPC) has endorsed S Alam Group's proposal to construct a second unit for Eastern Refinery Limited (ERL), the country's sole state-run fuel oil refinery. The BPC submitted a review report to the Energy Division on 9 July, recommending the proposal for approval. If Prime Minister Sheikh Hasina approves it, a memorandum of understanding (MoU) will be signed between Eastern Refinery and S Alam Group.

The government has approved procurement deals totaling Tk 164.84 billion for refined fuel oil from eight state-owned enterprises across six countries from July to December. These countries include Oman, Malaysia, Thailand, UAE, China, Indonesia, and Malaysia's Indian Oil Corporation.

The 'Summit-Friendship Solar Village' project in Gaibandha won the Reuters' Global Energy Transition Awards 2024 in the 'Projects of Impact' category in New York on June 25. Chosen from 500 global entries, the project was recognized for its tangible impacts, including improved energy affordability and enhanced local climate resilience measures.

Bangladesh's energy and power sectors face a financial challenge with dues nearing $1.75 billion, primarily from LNG, fuel oil imports, and electricity bills. The Bangladesh Petroleum Corporation owes $230 million, while Petrobangla owes $780 million, including $450 million for LNG imports.

The Bangladesh government has opted to pay 10% of the Rooppur Nuclear Power Plant project's total contract value in Bangladeshi currency instead of US dollars due to US sanctions on Atomstroyexport's bank and a USD shortage. This amounts to approximately $15 million. The decision was approved by the Project Implementation Committee to ensure project continuity amid financial constraints.