economic consequences
Russia-Ukraine war: What should Dhaka do to stave off economic consequences
Russia's invasion of Ukraine has the global economies worried, also prompting a question as to whether President Vladimir Putin's attempt to write history will hit hard the post-Covid growth recovery trajectory in some countries.
However, energy experts and economists in Bangladesh believe that there won't be any immediate impact of the invasion on this country's economy -- particularly in sectors like power, imports and exports -- though a long-term impact is imminent.
“I don't see any immediate impact on our energy sector although Russia is building our first nuclear power plant in Rooppur and involved in gas well drilling," eminent energy expert Dr M Tamim told UNB.
The Bangladesh government has hired Russian nuclear energy firm Rosatom for building the Rooppur Nuclear Power Plant (RNPP) at a cost of $12.65 billion. However, Russia is supposed to provide a costly state loan to cover 90% of the project cost.
Besides, officials said, Rosatom has been paid $550 million for a feasibility study and the project design.
Read: Petrobangla close to appointing a foreign firm to revamp Model PSC for off-shore gas exploration
According to official sources, the power plant will have two units each having 1,200 MW production capacity. Of these, the first unit is nearing completion and expected to start commercial operations in 2023 while the second unit will be ready in 2024.
Similarly, another Russian state agency is engaged in the country’s gas sector.
In May last year, the Russian majority state-owned multinational energy corporation -- Gazprom -- obtained a contract for drilling three wells on Bhola gas field at a cost of Tk 648.39 crore (about $77.184 million).
2 years ago