Bangladesh Petroleum Exploration and Production Company (Bapex) has filed a case with an international arbitration court against Niko Resources Bangladesh Ltd. Bapex claimed a compensation of around Tk 9,189 crore and annulment of the previous cases against itself.
Bapex filed this case at the International Centre for Settlement of Investment Disputes (ICSID).
According to the related sources, Niko has pleaded guilty in the Canadian court to bribing a Bangladeshi minister for getting the lease of gas fields. Bapex submitted evidences to the ICSID on blown out gas fields that was generated by different international investigators and referred to that Canadian verdict indeed, while filing the case.
Among the evidences, there is a copy of cheque that was used to transact the bribe...
Jet Airways has partnered with Eastern Bank to launch Bangladesh’s first airline co-branded credit card.
Members of the Jet Airways EBL Platinum Visa credit card are automatically enrolled into the carrier’s Jet Privilege loyalty programme.
Cardholders can then earn JP Miles on their credit card spending, at a rate of three miles for every BDT 200 (US$2.50) spent on domestic transactions, and two miles for every US$1 spent on international transactions.
Members will also earn 2,500 mil...
The Australian Federal Government has updated security arrangements for air cargo from Bangladesh, giving Australian businesses more options for trade while maintaining a robust aviation security regime.
Minister for Infrastructure and Transport Darren Chester said in December 2015 the Government had imposed restrictions on the carriage of air cargo that had originated from, or transited through, Syria, Egypt, Bangladesh, Yemen and Somalia, in response to concerns about aviation security.
“The restrictions were...
Aiming to establish uninterrupted power connection between capital Dhaka and the western region, the government has launched a fresh project to install a 400KV transmission line from Amin Bazar to Mongla via Mawa.
The modern and high-capacity transmission line would also bring the surplus electricity of Rampal coal fired power plant to Dhaka, reports BSS.
Power Grid Company of Bangladesh will implement the project involving Taka 1,356 crore by June, 2020. Asian Development Bank (ADB) would provide Taka 663 crore as project assistance while PGCB would contribute Taka 155.22 crore from own fund and the remaining
Bangladesh has made huge strides in expanding its power generation capacity, but needs to concentrate more on weaknesses in its transmission and distribution system.
That was the conclusion of a panel of local experts at FinanceAsia’s 4
th annual Bangladesh Investment Summit, held at the Ritz Carlton in Hong Kong on Tuesday.
The country’s foremost power expert, Dr Tawif-e-Elahi Chowdhury said the improvement in generating capacity since 2009 had been nothing short of a ‘miracle’.
Chowdhury attributed the transformation to “the audacious and visionary leadership” of Prime Minister Sheik Hasina, to whom he is an energy adviser.
Bangladesh certainly has ambitious energy targets as it tries to lift the world’s eighth largest
The oil price up will go up to $41 a barrel this year when agriculture produces will be cheaper, the latest market update of the World Bank (WB) said.
The WB its latest Commodity Markets Outlook attributed the rebounding oil prices to the improving market sentiment, a weakening dollar and receding supply. The projection is 13.51 percent higher from its previous forecast of $37 a barrel, reports BSS.
The WB revised forecast came only two days after Bangladesh government cut the prices of major petroleum products, ranging from 4.41 percent to 10.41 percent.
