FBCCI for energy roadmap to ensure energy security

Originally posted in The Business Standard on 25 April 2022

A roadmap will remove uncertainties on the availability of gas and electricity during the setting up of a new factory

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin has urged the government to make an energy roadmap to ensure energy security in industries.

“At the time of setting up a new factory, the industrialists are facing uncertainty as to whether gas and electricity will be available, where the gas will be available and what the prices will be in the future. A roadmap on energy will remove these uncertainties,” he said at the second meeting of the FBCCI’s Standing Committee on Power, Energy, and Utilities virtually held on Monday.

Humayun Rashid, chairman of the Standing Committee who presided over the meeting, said the use of domestic resources has to be increased to ensure energy security in the country in the long run.

Mentioning that there is a plan to increase the price of electricity, he fears it would further increase the price of the daily commodities, said a press release.

Citing the example of Sri Lanka, Humayun Rashid, also MD and CEO of Energy pack Power Generation Limited, said the energy crisis worsens the suffering in that country.

Abul Kasem Khan, director-in-charge of the standing committee and director of the FBCCI, said the Russia-Ukraine war fueled up the energy challenges. Therefore, most countries are now thinking of revamping the renewable energy roadmap.

Bangladesh should also think about the sourcing of oil and gas, he added.

The FBCCI director further called for strengthening Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) in the forthcoming budget to increase the exploration and extraction of the country’s minerals.

Mollah M Amzad Hossain, the editor of the energy magazine Energy and Power, said by 2025, the ratio of imported LNG to local gas will be equal. Then the price of gas will increase more. The country’s rerolling, glass and ceramic industries will no longer survive unless the price of the gas is controlled.

He emphasised the extraction of domestic oil and gas to ensure energy security in the country.

Committee Co-Chairman Md Salauddin Yusuf, Mahfuzul Hoque Shah, Ahmed Jamal, Data Magfur, Kazi Aminul Haque, Nazmul Haque, Shahid Alam and Secretary-General of FBCCI Mohammad Mahfuzal Hoque were also present at the meeting.