Dhaka, Seoul sign energy sector cooperation deal

FE Team | Published: November 16, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Bangladesh signed a memorandum of understanding (MoU) Thursday with the South Korean government, which also covers a consortium of five South Korean companies, to enhance bilateral cooperation in the field of energy.
The Ministry of Power, Energy and Mineral Resources (MPEMR) of Bangladesh and the Ministry of Commerce, Industry and Energy (MOCIE) of South Korea signed the MoU on behalf of their respective governments at a simple ceremony at the Secretariat in the city.
MPEMR secretary Mohammad Muhsin and MOCIE Vice Minister Lee Jae Hoon signed the MoU.
The consortium of South Korean companies includes Korea Electric Power Corporation (KEPCO), Korea Resource Corporation (KORES), Daewoo International, Luxon Global, and Posco.
This is the country's first government-to-government (G2G) MoU with any overseas country along with a consortium of pri vate sector companies to boost bilateral cooperation in the field of energy.
Earlier in September 2006, the country's state-owned gas entity Petrobangla signed an MoU with Thailand's state-run PTT Exploration and Production Company to enhance bilateral cooperation in the energy sector.
Currently the MPEMR of Bangladesh looks to enhance the power generation capability while the MOCIE of South Korea has a policy to encourage and support overseas energy and mineral resources development.
In line with the MoU both sides will help each other enhance efficiency of the energy sector and power plants through mutual technological cooperation.
Activities of cooperation under this MoU will be carried out in accordance with the applicable laws and regulations of both the countries.
The MoU, that came into effect Thursday, will remain in force for a period of one year, unless either side notifies the other side in writing about the intention to terminate it at least 90 days prior to expiry of that period.
The termination of this MoU will not affect the validity or duration of any project under the MoU, initiated prior to such termination.
A 17-member South Korean delegation led by the MOCIE Vice Minister arrived in Dhaka on November 14 to sign the MoU.