In October, 2008, City Bank hosted a Seminar on “Natural Gas in Bangladesh: Demand and Supply Spectrum” where businessmen gave vent to their frustration asking the top civil servant at the ministry if there is gas or not.
Mohammad Mohsin, energy and mineral resource secretary, attended the seminar, organized by City Bank. Annisul Huq, FBCCI president, Jalal Ahmed, Petrobangla Chairman, Aziz Al Kaiser, City Bank Chairman, and K Mahmood Sattar, the Bank’s managing director and the CEO, were also present.
The FBCCI president, Annisul Huq, led the onslaught. Earlier, Bangladesh was floating on gas. Now, it is running out of gas. What do we do now? There are reports showing that the gas supply will slow down by 2011. It must be told in clear terms whether business people should make investments or not.
According to the business people, government answers are not satisfactory. Political crisis hurt them, but do not silence them or stop them. But the power and gas crisis stall them completely. Bangladesh has proven to have gas reserves of around 7.7 trillion cubic feet, and probable and possible recoverable gas amounting to around 13 trillion cubic feet. At present the daily demand for gas is 2,046 million cubic feet, with production at 1,840 mmcf. In addition, gas is being supplied at a flat rate through out the month which has to be reconsidered.
Aziz Al Kaiser, City Bank Chairman said that they must formulate a long term -50-year long energy policy and this would be the right time for the politicians and the policy makers to take decisions in this regard.