Recently, CIMC signed a cooperation agreement and two project orders with MGI, a large local group company in Bangladesh. One of them is 8 tanks of 4 LEG/LPG carriers built by CIMC SOE in Nantong. The EPCIC order for the liquefaction system; the other is the 20,000 cubic low temperature ethylene station system built by TGE Gas in Germany.
The signing of these two projects marks the successful entry of CIMC Enric into the chemical storage and transportation market in Bangladesh, which not only lays a foundation for the in-depth cooperation between CIMC and Bangladesh MGI Group, but also contributes to the development of 'One Belt, One Road'.
The main leaders attending the signing ceremony were MGI Chairman and General Manager Mostafa Kamal, Executive Director of the Bangladesh Economic Zone Authority (BEZA) Paban Chowdhury, Commercial Counsellor of the Chinese Embassy in Bangladesh Li Guangjun, Vice President of CIMC Li Yihui Hong Chengzhong, Assistant General Manager of CIMC Enric Air Business Center, Shang Jinyan, Assistant General Manager of CIMC Pacific Offshore, etc. At the same time, major local banks, embassies, and major media also participated in the signing ceremony. Cooperation has received wide attention.
Successfully entered the Bangladesh chemical storage and transportation market for the first time
MGI (Meghna Group of Industries) is one of the largest integrated groups in Bangladesh. It has 32 companies and its business scope covers a wide range of consumer goods, cement, agricultural products, chemicals, seed crushing, feed, electricity and other bulk industrial products. In addition, the group is also involved in shipbuilding, shipping, securities, insurance, media, aviation and other fields, with an annual turnover of more than 2 billion US dollars.
In recent years, in order to achieve energy conservation and environmental protection, Bangladesh's demand for PVC (polyvinyl chloride) resin has increased rapidly, so the demand for chemical raw materials LEG (liquefied ethylene gas) required for PVC production has increased significantly. With the continuous development of Bangladesh's national economy, its domestic energy supply is relatively short of supply shortage. The domestic demand for LPG (liquefied petroleum gas) is rising step by step. In order to alleviate the shortage of domestic resources, Bangladesh plans to invest in the construction of multiple LPG receiving stations. MGI is one of the few companies approved by the government. To solve the above problems, MGI invested in a MPVC plant and an LPG receiving station in Bangladesh. The two projects are equipped with two 3,940 cubic meters LEG/LPG ships. CIMC SOE cooperated with the group to provide liquid cargo systems and LEG/LPG cargo tanks for the four vessels.
After several rounds of technical and commercial exchanges, CIMC SOE and TGE Gas took the project as a consortium. CIMC SOE is the world leader in small and medium gas carriers, in gas boats, Type C tanks and LNG fuel tanks, The liquid cargo system, the design and construction of the offshore module, has rich experience and outstanding performance. With years of industry experience and obvious advantages, CIMC SOE stands out from the competition and has won the storage tanks of all 4 ships. EPCIC for liquid cargo systems; TGE, as one of the world's leading contractors for liquefied gas storage and energy and petroleum/chemical gas treatment plants, successfully obtained EPC construction rights for LEG and LPG land receiving station tank projects. It marks the first time that CIMC Enric has successfully entered the chemical storage and transportation market in Bangladesh, which also fully reflects the business synergy of its subsidiaries.
At the signing ceremony, MGI Chairman and General Manager Mr. Mostafa Kamal said that CIMC Group has a certain influence on a global scale as a diversified group. MGI is very honored to cooperate with CIMC and CIMC Enric. I believe that the signing of today's agreement is only the first step of cooperation. China has always been a good friend of Bangladesh. With the rapid development of Bangladesh, the future has the confidence to establish a deeper cooperation relationship with CIMC.
Li Jihui, vice president of CIMC, delivered a speech at the signing ceremony. He mentioned that CIMC, as an international company, has more than 30 overseas entities and more than 6,000 overseas employees, and has extensive experience in overseas projects. This has created a mature condition for the first cooperation between CIMC and MGI Group. A good project always starts with a good partner. CIMC cherishes each partner and always has excellent product quality and service quality. Rewarding customers. I believe that CIMC will be able to gain the trust of MGI Group with excellent project execution, and look forward to a broader cooperation space between the two parties in the future.
Subsequently, he entered the signing ceremony of both parties. Hong Chengzhong, assistant general manager of CIMC Enric Air and Sea Business Center, signed a project cooperation agreement with CIGI SOE on behalf of CIMC SOE. Li Jihui, vice president of CIMC Group, signed a long-term strategic cooperation with MGI Group on behalf of CIMC. protocol.
Complementary advantages, broad prospects for future cooperation
It is understood that since Bangladesh does not have PVC resin production, its market demand depends on imports. The sustainable development of Bangladesh's economy in the coming period will require a large number of plastic products to replace traditional wood, metal and cement to save energy and protect the environment. It is expected that the PVC market in Bangladesh will enter the peak period of demand growth, and the average annual growth rate of demand will reach 15%. By 2020, the demand for PVC resin in Bangladesh will reach 250,000 tons, and there is a large room for development.
At the same time, along with the continuous development of Bangladesh's national economy, its domestic energy supply has begun to appear in supply shortage. The domestic demand of LPG has been rising step by step. In order to alleviate the pressure of domestic resource shortage, Bangladesh will invest in building multiple LPG receiving. Station. This is also the main reason why MGI Group invested in building 12,000 cubic LPG receiving stations.
According to MGI Chairman and General Manager Mostafa Kamal, CIMC Group, as a diversified group company, has strong brand strength, professional technical advantages, rich international project experience, etc., in line with the current cooperation needs of Bangladesh's economic development. This is also the main reason why MGI Group chose CIMC as a strategic partner. In the future, the two sides will explore a broader space for cooperation in various fields such as energy. 'Bangladesh can fully develop and benefit from CIMC's expertise and rich experience. The two companies can work together to find more viable cooperation projects. '
With the in-depth implementation of the 'One Belt, One Road' initiative, China and Bangladesh have extensive cooperation potential in many fields along the 'Belt and Road' countries. At the same time, CIMC has many successful experiences in cooperation with countries along the Belt and Road. In this regard, Li Guangjun, Commercial Counsellor of the Chinese Embassy in Bangladesh, emphasized the importance of the strategic cooperation between CIMC and MGI Group in his speech. Under the guidance of the National 'Belt and Road' initiative, it seeks greater development in Bangladesh and drives economic development in both places.'