SPL Petrochemical Complex Limited (SPCL) will build a petrochemical production base and a large LPG terminal in Moheskhali Economic Zone (EZ) under Cox's Bazar.
SPCL, a concern of TK Group, signed a land lease agreement on Sunday with Bangladesh Economic Zones Authority (BEZA), the country's prime investment promoter, to implement the venture.
SPCL handed over a dummy cheque worth Tk 1.78 billion to BEZA as lease money on the occasion.
The company has already formed a joint venture with South Korea-based global petrochemical giant SK Gas to avail its knowhow and expertise in setting up the LPG terminal at Dhalghata in Moheskhali EZ.
According to the plan, the company will build petrochemical refinery, warehouse of petrochemical products and LPG terminal. Modern jetty facility will also be installed there for loading and unloading raw materials and products etc.
Chairing the signing ceremony, BEZA Executive Chairman Paban Chowdhury said the government has planned to convert Moheskhali into a designed and integrated industrial region.
"And the signing programme is a part of the massive move. The projects will help meet growing demand for energy. It will also ensure sustainable energy supply to industries and households," he added.
Hailing BEZA for providing 410 acres of land as required, SPCL Managing Director Mohammad Mustafa Haider said active presence of the national investment promoter will certainly improve Bangladesh's position in the ease of doing business index.
He said once implemented, the projects will add $600 million to the country's GDP, while increasing the government's revenue by $200 million and creating over 10,000 jobs.
"We've already made a joint venture with South Korean leading conglomerate SK Gas. We can enhance efficiency of our supply chain by using the expertise and technical knowledge of the company," he added.
Speaking as the chief guest, Mohammed Shahidul Haque, Senior Secretary of Legislative and Parliamentary Affairs Division under Ministry of Law, Justice and Parliamentary Affairs, said, "It is our (the division) pleasure to be involved in formulation of the required rules and regulations as well as the contracts to bring in the foreign and domestic investments. We always pay serious attention to ensure a favourable business climate by our work." Energy and Mineral Resources Division Secretary Nazimuddin Chowdhury suggested BEZA to handover land to the investors in time to facilitate them to start construction work of their industrial base.
Talking about the LPG terminal, he said the demand for LPG has increased to around 0.7 million tonnes in 2017, which was less than 0.1 million tonnes in 2014, while the number of LPG plants rose to 16 from six during the period.
"LPG freight charge is quite high here due to unavailability of a deep seaport. So, I believe successful implementation of the terminal project will enable us to reduce the price at consumer end."
Power Division Secretary Dr. Ahmad Kaikaus, Land Secretary Abdul Jalil and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman, among others, also spoke.
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