The Energy and Mineral Resources Division has signed a non-binding Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC) for strategic cooperation in the country’s energy sector.
Under the agreement, signed on Monday at the Ministry of Power, Energy and Mineral Resources, the Japanese bank will provide necessary support to improve the investment environment in the sector.
Welcoming the deal, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said the MoU will effectively contribute to the development of LNG and gas-based power plants and energy conversion infrastructure through the use of Japanese technology.
He said it is necessary to increase the use of technology to ensure proper use of natural gas.
He said the gas sector will require about 3.0 million smart gas meters. “If we can install smart metres with the help of the JBIC, the World Bank and the Asian Development Bank, it will play a major role in checking the misuse and wastage of gas in its use.”
He noted that some 700,000 pre-paid gas meters for Titas Gas and another 435,000 pre-paid gas meters will be installed for Karnaphuli, which will ensure economical use of gas.
He observed that interests of Japanese companies are increasing in investing in Bangladesh.
Lailatun Ferdous, Joint Secretary of the energy and mineral resources division, and Kurihara Toshihiko, Chief Representative of JBIC in Delhi, signed the three-year MoU on behalf of their respective sides.
Secretary of Energy and Mineral Resources Division Md. Nurul Alam and Director General of JBIC Suzuki Ryuta also spoke on the occasion.