Monday, April 15, 2024

Pakistan Loses $5 Billion Investment from Qatar

Due to a lackluster bureaucratic approach and contradictory policies, Qatar has lost $5 billion in dedicated investment in RLNG power plants, airport and hotel refurbishment in Pakistan, which has now been redirected to Bangladesh.

Qatar’s Nebras Power Investment (QEWS QD) has now purchased a stake in Bangladesh’s Unique Meghnaghat Power. In addition, Nebras Power Investment Management has agreed to buy a 24 percent equity stake in Unique Meghnaghat Power Limited (UMPL) in Bangladesh from Unique Hotel and Resorts Limited (UHRL).

Nebras’ asset base is strengthened by this purchase, which includes fully contracted programs. Nebras will hold a 24 percent interest in Unique Meghnaghat Power Limited, while UHRL and SFL will jointly own a 56 percent equity stake.

UMPL, the project company, is building a 584 MW gas/RLNG fired combined cycle power plant in Meghnaghat, Sonargaon, Narayanganj district, about 27 kilometers east of Dhaka. When completed in late 2022, the project will be one of Bangladesh’s largest Independent Power Producer (IPP) ventures.

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