Mitsui & Co. Ltd of Japan and Coal Power Generation Company Bangladesh Limited inked a Memorandum of Understanding (MoU) yesterday to set up a 500MW LNG-based power plant in Cox’s Bazar’s Matarbari.

The combined cycle power plant will use imported LNG as fuel. As a joint venture project, it will be implemented in fifty-fifty share basis and the plant is expected to be operational in December, 2121.

M Mizanur Rahman, company secretary and CEO of Coal Power Generation Company Bangladesh Limited, and UG Udaya, general manager of Project Infrastructure Division of Japan's Mitsui & Co. Ltd (Asia Pacific), signed the MoU on behalf of their respective side.

After the contract signing, the representatives of Coal Power Generation Company Bangladesh Limited and Mitsui & Co. Ltd paid a courtesy call on Nasrul Hamid, state minister for Power, Energy and Mineral Resources at his secretariat office.