Economy

Forex dealers call for cautious LC opening . Foreign Exchange Dealers' Association (BAFEDA) will urge its member banks to be cautious about opening letters of credit (LCs) for import, considering the overall forex market situation. . The decision came at a meeting of the technical committee of BAFEDA held at its office in Dhaka on Sunday with its Chairman Ali Hossain Prodhania in the chair. . The members will be advised to be rational and compliant with the Bangladesh Bank's (BB) instructions while quoting foreign exchange rates, according to the meeting sources. . The banks will also be asked to conduct forex transactions, considering their inflow, outflow and availability of foreign exchange in the inter-bank forex market, they added. . "We've reviewed the overall forex market situation, considering the import, export and inflow of remittance," the technical committee chairman told the FE after the meeting. . Mr. Prodhania, also managing director of Bangladesh Krishi Bank, said the technical committee is working relentlessly on ensuring stability in the forex market. . The BAFEDA's latest move comes against the backdrop of a weakening Bangladesh Taka (BDT) against the US dollar. . The demand for the US dollar is increasing gradually, mainly due to higher import payments, particularly those of petroleum products and capital machinery. . The US dollar was quoted at Tk 83.83 each in the inter-bank forex market on Sunday unchanged from the previous level. . On the other hand, the central bank has continued its foreign currency support to the banks for settling import payment obligations, particularly of fuel oils and capital machinery for power plants. . As part of the move, the central bank sold US$ 24 million directly to the banks last week to meet the growing demand for the greenback in the market. . A total of $277 million has been sold to the commercial banks since July 01 of the current fiscal year (FY) as part of its ongoing support, the BB data showed. . The meeting also decided that the BAFEDA would organise a workshop on liquidity and foreign exchange risk management in line with the central bank's ALM (asset liability management) guidelines.

From http://today.thefinancialexpress.com.bd/print/forex-dealers-call-for-cautious-lc-opening-1540143622

Apparel

Accord goes slow in handing over responsibility . Accord on Fire and Building Safety in Bangladesh, the platform of European retailers, has failed to keep its promise to start handing over RMG factory safety monitoring responsibility to the government body in time. . In a meeting of Transition Monitoring Committee held on October 10, Accord representative to the committee had promised that in the first phase the buyers‘ platform would hand over post-remediation safety monitoring responsibility of 25 fully-remediated readymade garment factories to the Remediation Coordination Cell, a government-formed body. . ‗But Accord is yet to hand over any factory to the RCC and the platform has not given us any further date for starting the handover process,‘ Syed Ahmed, additional secretary of labour ministry told New Age on Sunday. . Accord informed that they were preparing a handover document and it would be sent to the government after the approval of the document by its steering committee, he said. . Following the Rana Plaza building collapse in April 24, 2013, that killed more than 1,100 people, mostly garment workers, EU retailers formed Accord and North American retailers formed Alliance for Bangladesh Worker Safety undertaking a five-year plan which set timeframes and accountability for inspections and training and workers‘ empowerment programmes. . Accord has so far inspected more than 1,600 RMG factories while Alliance has inspected more than 700 units. . Accord-listed factories completed more than 89 per cent of remediation works while 172 factories completed 100 per cent remediation. . The tenure of the platform ended in May this year and the government allowed it a six-month transition period that will be ended on November 30 this year. . ‗We are waiting to take over the safety monitoring responsibility of readymade garment factories from Accord in phases but the buyers platform is dilly-dallying in handing over the factories to the RCC,‘ said Aminur Rahman, project director of RCC. . He said that they received a handover document from Accord on Sunday in which the platform expressed their interest to hand over safety monitoring responsibility of 100 fully-remediated RMG factories without mentioning any time frame. . Even, Accord did not mention name of any factories in its handover document, Aminur said.

. The project director of RCC hoped that the issue might be solved in the next meeting of TMC to be held on Tuesday (tomorrow). . One of the labour ministry officials, however, said that the TMC meeting scheduled for Tuesday may not be held as Accord representatives to the committee wanted the meeting to be held in the first week of November.

From http://www.newagebd.net/article/53806/accord-goes-slow-in-handing-over-responsibility

10 exporters face Turkish duty on synthetic yarn export . Ten local exporters may face anti-circumvention duty on export of synthetic yarn to Turkey as the companies did not respond to an investigation initiated by the country in this connection. . Turkish ministry of trade has recently issued the final notification report on circumvention investigation into alleged export of China-made synthetic yarn from Bangladesh and Nepal. . According to the report, 10 companies which are resident in Bangladesh or associated with the investigation did not respond to the investigation questionnaire in a duly and timely manner. . Only Well Mart Ltd provided necessary information and documents, and made cooperation, the report said. . Bangladesh Textile Mills Association leaders, however, said that the companies under investigation were not genuine spinners in the country. . Turkey a few years back imposed anti-dumping duty on synthetic yarns and artificial staple fibre originated from China and some other countries. . In December 2017, the country initiated the anti-circumvention investigation against some traders of Bangladesh and Nepal who exported allegedly Chinese synthetic yarn and fibre using Bangladesh and Nepal as country of origin to avoid anti-dumping duty on the Chinese product imposed by Turkey. . In the investigation into the allegation, Turkey found that export of the product from Bangladesh increased to 3,510 tonnes in 2017 from 1,150 tonnes in 2015. . The investigation team in an on–the-spot verification in July 9-10 this year found the information provided by the Well Mart Ltd authentic and did not perform any act to invalidate the measure. . On the other hand, the remaining companies did not cooperate in the investigation and did not provide any information stating that they performed manufacturing, the report said. . The investigation team forwarded the report to the Board of Evaluation of Unfair Competition in Importation of Turkey to take final decision on the issue. . Members and officials of the Bangladesh Textile Mills Association said that Turkish authorities did not provide the names of the companies to the association. . They said that they had information that some four to five China and Hong Kong-based companies having business in Bangladesh were doing such fraudulence. . They don‘t have spinning mills in Bangladesh but are exporting the product to Turkey after importing it from China, they said. . No one of them is member of BTMA, they said. . BTMA director, also managing director of Little Star Spinning Mills Ltd, Mohd Khorshed Alam told New Age that genuine Bangladeshi exporters were conducting export activities after taking endorsement from Turkey embassy in Dhaka, Bangladesh commerce and foreign ministries. . So, the Turkish move will not hamper business of any guanine spinners in Bangladesh, he said.

From http://www.newagebd.net/article/53807/10-exporters-face-turkish-duty-on-synthetic-yarn-export

Telecom

Nearly half of MNP requests rejected in first 18 days . Forty-three per cent or 20,255 requests made by mobile phone subscribers for availing themselves of mobile number portability service were rejected on different grounds in the first 18 days of the MNP service launch. . The government on October 1 introduced the much-awaited MNP service with a view to facilitate customers changing their operators without changing their existing mobile numbers. . In the 18 days, nearly 57 per cent or 26,817 requests became successful, showed a Bangladesh Telecommunication Regulatory Commission data released on Sunday. . BTRC officials said that the porting requests made by the mobile phone subscribers were rejected on various grounds including complexity regarding mobile wallet service, non-matching of NID number and bill dues. . Increased efforts to build awareness about the MNP service among mobile phone subscribers and resolving the problems behind the rejection could help increasing the rate of successful porting, the BTRC officials said. . The BTRC data showed that subscribers of the four mobile phone operators — Grameenphone, Robi Axiata, Banglalink and Teletalk — made 47,090 requests in total to change mobile phone network from October 1 to October 18. . Of the requests, 26,817 subscribers managed to change their operators, 20,255 requests got rejected and the rest 18 requests are under process.

. The BTRC statistics showed that 20,318 customers of GP, that has 7.1 crore subscribers in total, made requests for leaving the operator. . Of the requests, 11,676 customers were ported in successfully to other operators and 8,642 requests were rejected by the operator on different grounds. . Most of the GP customers (9,258) opted for Robi network, while another 2,295 and 123 customers were ported in to Banglalink and Teletalk respectively from GP network. . On the other hand, the statistics showed, 6,672 customers made requests for porting in to the GP network from other operators. Of which, 4,041 requests were successfully executed and the rest 2,631requests were rejected. . Of the total operator-change requests, 30,322 pleas were made to port in to Robi the subscriber base of which was 4.61 crore at the end of August this year. . Of the requests, 16,916 customers entered into Robi network successfully and the rest 13,406 requests were rejected. . Robi‘s 8,666 customers made requests for leaving the operator. Of the requests, 5,973 were executed successfully and the rest 2693 requests were rejected. . Banglalink, the third largest mobile phone operator with subscriber base of 3.35 crore, received the second highest number of requests for leaving the operator. . A total of 15,777 customers of Banglalink made requests for switching to other MNOs against 9,613 requests for entering into the operator from other MNOs. . Of the port-out requests, 8,916 requests were executed successfully and the rest 6,861 requests could not make it. . State-owned operator mobile phone operator Teletalk which has 38.79 lakh subscribers saw the lowest number of port-out and port-in requests as the figures were 709 and 134 respectively.

From http://www.newagebd.net/article/53808/nearly-half-of-mnp-requests-rejected-in-first-18-days

Robi gains, GP loses . Robi has pulled in 16,916 customers to its network from three rivals in the first three weeks after the mobile number portability was rolled out, according to a report of the telecom regulator. . Bangladesh Telecommuni-cation Regulatory Commission (BTRC) yesterday published a report that showed 11,676 Grameenphone customers left the market leader retaining their existing 11-digit number. On the other hand, it drew 4,041 new customers from its competitors. . Robi, the second largest operator, lost 5,973 customers since the MNP was introduced on October 1 ―commercially but on a trial‖ basis. Bangladesh is the 72nd country in the world that makes the service available. . The MNP allows a subscriber to change telecom carrier keeping the same phone number. . According to the BTRC, 47,090 users tried to switch their network providers, but only 26,817 of them were successful. . Some 8,642 users tried to leave Grameenphone but failed because of a number of reasons. In case of Robi, 2,693 subscribers attempted in vain to leave. . For Banglalink, 8,916 users left its network and 5,526 joined from other networks, showed the regulator's report. State-owned Teletalk found 252 customers from other networks joining its network while 334 users switched to rival operators. . Customers are charged Tk 50 alongside a 15 percent value-added tax for changing networks within 72 hours. To do so within 24 hours, another Tk 100 has to be paid. In both cases, users require a visit to the new operator's customer care centre. . Customers have to wait at least 90 days to make another switch. Infozillion BD Teletech, a joint venture between a Bangladeshi firm and a Slovenian firm, is providing the service. . Prime Minister Sheikh Hasina yesterday opened the service officially at a function at her official Gono Bhaban residence. . ―To cope with the fast-changing world, we'll surely take the steps which are needed for the brighter and beautiful future of the young generation,‖ she said, reports news agency the UNB. . Hasina said youths were the biggest strength of a country and if they could be raised up with proper education, they would have a beautiful life. . She said new technologies have opened up immense opportunities for the socioeconomic development of the country. ―We're utilising these and will do the same in the future too.‖ . The prime minister said science and technology were like flowing rivers that never stop and continually adopt change. . "And we'll have to follow that as the new generation needs to be groomed in that way so that they can build the modern technology-based 'Sonar Bangla'." . Sheikh Hasina said she sacrificed her present life and future times for the young generation who would lead the country in the coming days. . "The country's progress, what we have achieved, must not stop...we want to maintain (the pace)," she said.

. Posts and Telecommunications Secretary Shyam Sunder Sikder said the finance ministry has agreed to waive the SIM tax for getting new connections to help customers avail the MNP service. . He said the National Board of Revenue would issue a circular very soon in this connection. . Mustafa Jabbar, posts and telecommunications and ICT minister; Junaid Ahmed Palak, state minister for ICT; Md Jahurul Haque, chairman of the BTRC, and Md Nojibur Rahman, principal secretary to the prime minister, also spoke. . Imran Ahmed, chairman of the parliamentary standing committee on posts, telecommunications and ICT ministry, and Nahim Razzaq, a lawmaker, were present.

From https://www.thedailystar.net/business/telecom/news/robi-gains-gp-loses-1650118

Capital Market

Dhaka stocks slump as polls-centric wariness grips market . Dhaka stocks on Sunday slumped with a fall in the share prices of two-thirds of the traded scrips as investors went for selling shares heavily amid polls-centric cautiousness. . DSEX, the key index of Dhaka Stock Exchange, lost 0.93 per cent, or 50.35 points, to close at 5,331.16 points on Sunday after gaining 0.73 points in the previous session. . After a flat opening, the DSEX began to dip sharply without any resistance as investors went for heavy share sales, market operators said. . Investors remained cautious on the trading floor as they were closely monitoring the political activities surrounding the national elections due by January 28, 2019, they said. . Election Commission secretary Helal Uddin Ahmed on October 18 said the schedule for the next parliamentary elections would be announced in the first week of November. . Newly announced alliance of opposition parties, Jatiya Oikya Front, said it would go for joint programme in the coming days to press for its 7-point demand for holding a free and fair national election. . The platform of BNP, Jatiya Oikya Prakriya and Jukta Front was launched on October 13. The turnover on DSE dropped further to Tk 439.59 crore on Sunday compared with that of Tk 476.33 crore in the previous trading session. . A section of investors might also go for profit-taking share sales after gains in recent days, market operators said. . A plunge in prices of the power sector stocks led the nosedive on Sunday, the opening day of the week, as the share prices of United Power Generation Company, Khulna Power Company and Summit Power declined significantly after their recent gains, stockbrokers said. . The average share prices of energy, textile, non-bank financial institutions and bank dropped by 2.7 per cent, 2.2 per cent, 1.2 per cent and 0.3 per cent respectively. . On the other hand, miscellaneous and telecommunication sectors advanced by 0.2 per cent and 0.1 per cent as Grameenphone, Bangladesh Export Import Company and Berger Paints Bangladesh surged on the day. . ‗Investors‘ watchful stance pulled down the index and notable selling of shares was observed in all the major sectors especially from power, food and textile,‘ said EBL Securities in its daily market commentary. . Of the 336 companies and mutual funds traded on Sunday, 258 declined, just 49 advanced, and 32 remained unchanged. . DS30, the blue-chip index of DSE, also shed 0.61 per cent, or 11.74 points, to close at 1,884.32 points. . Shariah index DSES also slumped by 1.06 per cent, or 13.27 points, to finish at 1,230.26 points. . Khulna Power Company led the turnover chart with its shares worth Tk 26.62 crore changing hands. . IFAD Autos, Summit Power, VFS Thread Dyeing, United Power Generation Company, Shahjalal Islami Bank, Dragon Sweater, Bangladesh Export Import Company, Legacy Footwear and BBS Cables were the other turnover leaders. . United Insurance gained the most on the day with a 9.72-per cent increase in its share prices, while Rahim Textile Mills was the worst loser, shedding 13.85 per cent.

From http://www.newagebd.net/article/53810/dhaka-stocks-slump-as-polls-centric-wariness-grips-market

Mobile Financial Service

Nagad to make MFS sector lopsided . The disproportionately higher transaction limits of Bangladesh Post Office's digital financial service platform Nagad have raised the eyebrows of private sector players, who voiced concerns of uneven competition and possibilities of money laundering and terrorist financing. . Through Nagad, a customer will be able to make 10 transactions a day amounting to Tk 250,000 and send Tk 50,000 in one transaction and the numbers will remain the same in case of money withdrawal also.

. In contrast, by way of two transactions the cash-in limit is Tk 15,000 and for withdrawal it is Tk 10,000 a day for the existing mobile financial service providers -- bKash, Rocket and UCash. . Through Nagad, a person can send Tk 250,000 a day while it stands at Tk 10,000 for the existing MFS providers. . And the reason Nagad is getting away with the higher transaction limit is that it does not fall under the purview of the central bank thanks to the postal act, which has empowered the postal department to independently provide financial services. . For the last eight years with the help of the Bangladesh Bank and different government agencies, the existing MFS players have developed the market and ensured discipline and order in the industry, said Shamsuddin Haider Dalim, head of corporate communications at bKash. ―Now the market requires a level playing field for healthy competition and regulatory consistency to protect investment.‖ . But the big difference in transaction limit between the existing players and Nagad will make the playing field lopsided, he said. Nagad will be run by Bangladesh Post Office and Third Wave Technologies, the platform's developer, under a revenue-sharing model. . Not only that, it has opened a window for money laundering, terrorist financing and other suspicious transactions, to curb which the BB slashed the transaction limits for MFS accounts only last year. . Sushanta Kumar Mandal, director general of Bangladesh Post Office, dismissed the concerns though. . ―A negative campaign has already taken off against them. Nagad will be beneficial for citizens.‖ . Asked about the regulatory requirements that the other MFS providers have to maintain, Mandal said the postal department has been providing financial services for about a century now. . ―It will not be an issue,‖ he added. . The central bank too has no issues with the postal department's new digital financial service as of now, said its spokesman Serajul Islam. . ―They have come up with the platform under their act,‖ he said, adding that the BB will assess the situation once Nagad is fully operational. . Lila Rashid, general manager of the Bangladesh Bank's payment systems department, though raised concerns that the platform's higher transaction limit might widen the scope for unethical transactions. . Although launched officially in Dhaka yesterday on a test basis, Nagad has been running in other cities since last week. The platform has already logged in 87,000 customers. . Prime Minister Sheikh Hasina will officially inaugurate Nagad once it gets 10 lakh accounts, Mandal said. . As of August, there are 6.47 crore active MFS accounts in the country, which have transacted Tk 34,399 crore during the month, according to data from the BB.

From https://www.thedailystar.net/business/news/nagad-make-mfs-sector-lopsided-1650133

Company Specific

Western Marine building second vessel for UAE company . Western Marine got into a contract earlier this month to build a second vessel for a -based company. . The watercraft, an anchor handling tug supply vessel, is primarily used in handling oil rig anchors. Such vessels can also be used for emergency response and rescue and in transporting supplies. . Cost of the vessel could not be immediately known. Sources said the engine and other machinery would be imported from Europe and . . The previous vessel handed over to Al-Rashid Shipping Limited last November was a landing craft tank, which is used in offshore goods transport, especially in shallow waters. Named ―Ajman Trans‖, the vessel cost around Tk 10 crore.

From https://www.thedailystar.net/business/news/western-marine-building-second-vessel-uae-company-1650103

BSECL to make smart prepaid meters . A joint-venture smart prepayment meter-manufacturing firm-Bangladesh Smart Electrical Company Ltd (BSECL)- was established on Sunday. . State-run West Zone Power Distribution Company Ltd (WZPDCL) and Chinese Hexing Electrical Company Ltd (HECL) floated the company. . The WZPDCL will have a 51 per cent stake and the HECL a 49 per cent stake in the joint venture. . State minister for power, energy and mineral resources Nasrul Hamid was present as the chief guest at the deal- signing ceremony at Bidyut Bhaban in the city. . HECL chairman Zhou Liang Zhang and WZPDCL secretary Abdul Motaleb inked the deal to form the BSECL. . The authorised capital of the BSECL will be Tk 500 million and the paid-up capital Tk 286 million. . At the event, Mr Hamid laid stress on the modernisation of power distribution and transmission companies to provide better services for consumers.

. He welcomed the WZPDCL initiative to manufacture prepayment meters and urged others to follow suit to cater to the growing needs of the country. . Power division secretary Maksuda Khatun chaired the programme where power secretary Ahmad Kaikaus and BPDB chairman Khaled Mahmood, among others, also spoke.

From http://today.thefinancialexpress.com.bd/print/bsecl-to-make-smart-prepaid-meters-1540139395

BB mulls SLR exemption for PKB . Bangladesh Bank (BB) is considering to exempt Probashi Kallyan Bank (PKB) from maintaining the Statutory Liquidity Ratio (SLR) as the central bank recently sought opinion from the government in this regard, officials said. . The central bank approved conversion of the state-run specialised bank, that started commercial operation recently, into a scheduled one on July 30, 2018 for expanding the business, they said. . "We've applied for the exemption and the central bank sent a letter to the financial institutions division (FID) of the finance ministry seeking opinion in this regard," Managing Director of PKB Mahatab Jabin told the FE. . "We've also requested the FID to consider our request. We're yet to get any decision, however." . She said the bank would face liquidity problem without the exemption and it would be tough for the bank operate the banking activities. . A senior official at the BB said the issue is waiting for the government approval. . The country's banks have been allowed to comply separately with the cash reserve requirement (CRR) and SLR rules since 2014 for facilitating implementation of the monetary policy effectively. . Under the existing rules, the conventional banks have to maintain daily 13 per cent of their average total demand and time liabilities as SLR while Islamic Shariah-based banks and Shariah-based banking wing of conventional banks at 5.5 per cent. . The eligible components for maintaining liquidity reserve are cash in tills (both local and foreign currency), gold, daily excess reserve (excess of cash reserve) maintained with the BB, balance maintained with the agent bank of BB and un-encumbered approved securities as defined in the Banking Companies Act. . Currently, Bangladesh Krishi Bank (BKB) and Rajshahi Krishi Unnayan Bank (RAKUB) enjoy complete exemption from maintaining SLR. . Meanwhile, the banks have to maintain 5.50 per cent CRR with the central bank from their total demand and time liabilities on a biweekly basis. . Besides, the banks are now allowed to maintain the reserve at 5.00 per cent on a daily basis, but the biweekly average has to be 5.50 per cent in the end. . The CRR will have to be maintained with local currency (Bangladesh taka) only. . The day-end balances of the current accounts maintained with different offices of the BB will be aggregated to compute the maintained cash reserve of the day. . The government has made applicable the bank company act-1991 in the power of Probashi Kallyan Bank Act 2010. For this, the Bank Company Act, 1991 and Probashi Kallyan Bank Act 2010 simultaneously applicable for operation of the bank, General Manager of Banking Regulation and Policy Department of BB Abu Farah Md. Naser said in the letter. . The PKB started journey in April 2011 with a paid-up capital of Tk 1.0 billion to provide collateral-free loans to overseas jobseekers and those returning home for their rehabilitation. . The BB is positive to consider exemption from maintenance of SLR provision as the specialised bank provides collateral-free loans to workers going abroad for employment, provide loan to returnees to help them out employment within the country, facilitate sending remittance and encourage the wage-earners to invest in the country, said a BB source. . The BB has recommended in the letter that exemption from maintenance of the SLR provision could be considered. . The SLR is an important instrument to combat the liquidity crisis in the banking sector and facilitate implementation the monetary policy, according to the BB. . Presently, the paid-up capital of the bank is Tk 4.0 billion. Of the volume, the Wage Earners' Welfare Board provided Tk 3.80 billion and finance ministry Tk 200 million to meet the total required paid-up capital of the PKB. . The outbound workers get maximum of Tk 200,000 as migration loan with 9.0 per cent interest rate while the rate is 11 per cent for the returnees. . The PKB data showed some 29,996 outbound workers received migration loans worth Tk 3.08 billion from 2011- 12 to August 2018-19. During the period, the bank recovered Tk 2.31 billion. . Currently, PKB is running its business with 63 branches across the country.

From http://today.thefinancialexpress.com.bd/print/bb-mulls-slr-exemption-for-pkb-1540139864

Walton eyes European market . After securing the top place in local market of electronic products, Walton, a leading vertically-integrated manufacturer of the country, eyes to strengthen its position in international market. . To achieve the target, the Bangladeshi brand is exporting its electronic products to more than 20 countries across Asia, Middle-East and Africa, reports UNB. . However, Walton now eyes to expand its market in European countries for which it has taken massive initiatives. . The company opened its offices in different European countries including and the United Kingdom along with showcasing its products and service in international trade fairs. . In its latest initiative of targeting the European market expansion, Walton took part in Chillventa International Trade Fair in Germany held on October16-18 at Nuremberg Exhibition Centre where manufacturers of refrigerator, air conditioner, ventilation and heat pumps around the world showcased their products and services. . First organised under the name of 'Chillventa' in 2008, the fair is now one of the most important events and is held in every two years. . A total of 981 exhibitors showcased their products in the last event in 2016. As many as 63 per cent of the visitors came to the exposition from European Union, 17 per cent from the rest of Europe, 15 per cent from Australia, Asia and Africa, and 6.0 per cent from America. . On the other hand 93 per cent of the exhibitors made new business connections. . Walton was the first and lone Bangladeshi company to join the fair. . Imtiaz Ahmed, Bangladesh's Ambassador to Germany and Dr. Syed Masum Ahmed Choudhury, Commercial Counsellor of the Bangladesh Embassy, visited Walton stall at Chillventa Fair on its opening day. . They welcomed Walton in European market and praised the company for manufacturing and exporting high tech products and parts.

From http://today.thefinancialexpress.com.bd/print/walton-eyes-european-market-1540139979

Orion's new power plant adds 105 MW to nat'l grid . A 105-megawatt (MW) power plant of Orion Power Rupsha Ltd. (OPRL), a sister concern of the Orion Group, has started supplying electricity to the national grid recently. . With the completion of this project, Orion Group's overall electricity generation capacity now stands at 407 MW. . The furnace oil-fired power plant went into commercial operation on October 14, said a top Orion Group official. . The company procured necessary land and equipment and completed the construction of the plant after obtaining the letter of intent (LOI) from the state-run Bangladesh Power Development Board (BPDB). . Wartsila (Italy & ) supplied the key equipment-six 18V50 engines-for the power plant. . They are of latest design and highest efficient HFO (high sulfur fuel oil) engines and were supplied within five months. . Wartsila helped complete the project at the earliest by providing fast-track deliveries and strong local-based expertise, said the official. . ―We at the Wartsila are delighted to be involved in this positive development," said Jillur Rahim, Managing Director of Wartsila Bangladesh. . Other major components of the project were supplied by Alfa Laval Aalborg (Finland and Chian), ABB (, Switzerland, Malaysia, Singapore, Vietnam and China) and Triveni (). . The financing for the project came from local and foreign sources, with the participation of Mashreq Bank psc of the UAE while local Mercantile Bank Ltd. (MBL) acted as the lead lender. . ―We enjoyed working with the Orion and want to continue the business relationship by investing in other projects if found preferable," said Additional Managing Director of MBL Mati Ul Hasan.

From http://today.thefinancialexpress.com.bd/print/orions-new-power-plant-adds-105-mw-to-natl-grid-1540139890