According to AIIB documents, "the objectives of the proposed Project are to improve efficiency in gas production in Titas Gas Field and to expand gas transmission pipeline capacity between Chittagong and Bakhrabad."
The project has two components. Under component 1, seven wellhead compressors (5 operating and 2 stand-by) will be installed in Titas Gas Field. Upon completion, it is estimated that an additional 1.0 trillion cubic feet of gas will be produced from the Titas gas field. Under component 2, a 181 km, 36-inch gas transmission pipeline will be constructed. The proposed pipeline will constitute a trunk transmission pipeline between Chittagong and Bakhrabad to transport regasified LNG to central and west gas markets.
The Project is estimated to cost $453.0 million, including taxes, duties, contingencies, and financing charges during construction. ADB’s loan and the Bank’s loan will be used on a pro-rata basis to finance the cost items. Any shortfall in the funds required would be covered by either the government or implementing agencies.
Team Leader/Senior Investment Operations Specialist
Department of Investment Operation
Team Leader/Finance Specialist (Energy)
South Asian Department
Economic Relations Division
Ministry of Finance
People’s Republic of Bangladesh
Bangladesh Gas Fields Company Ltd.
47 Bijoy Nagar
Dhaka 3400, Bangladesh
Md. Mahbub Sarwar
Gas Transmission Company Ltd.
House #39, Road #3
Sector #3, Uttara Model Town
Dhaka 1230, Bangladesh
ACCOUNTABILITY MECHANISM OF AIIB
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.