Dhaka, Bangladesh (BBN)- Asia Energy's mother organization GCM Resources plc is taking a new approach to dealing with the Bangladesh government to develop the Phulbari Coal Project.
“GCM Resources plc is taking a new approach to dealing with the Government of Bangladesh, its most important partner in the development of one of the country's most important world class natural resources, the Phulbari Coal Project,” the company has said in an announcement.
The GCM Resources plc has appointed Gary Lye as its Executive Director as part of this approach. Gary is GCM Resources' in-country Chief Executive Officer.
“He has well established relations with a wide variety of key stakeholders in Bangladesh and will take a lead role in discussions and negotiations with the government,” it added.
The company said following the recent change in management, the Board has undertaken a thorough review of its activities and engagement with the Government.
“The Company recognizes its approach must be more targeted to addressing the needs of the Government and people of Bangladesh, and that the Project must deliver significant sustainable benefits for the local community and the nation,” it noted.
The government is determined to improve the country's power generation situation, the company said, adding that it has recently called tenders for numerous coal-fired power stations based on imported coal and many more are planned.
The GCM said discussions with the government will now be particularly focused on four key areas.
These are that the Phulbari mine could produce coal sufficient to support up to 4000 MW of power generation.
The Power produced using Phulbari coal would be cheaper than imported coal. Positioning power stations at the mine site would make power generation simpler and more reliable, obviating the need for shipping and associated coal handling and inland transport infrastructure; and utilization of locally produced coal would create many thousands of Bangladeshi jobs as well as deliver foreign exchange and balance of payments benefits for Bangladesh.
BBN/SSR/AD-25Apr12-11:05 am (BST)
