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Meeting with KAFCO shareholders today

By Toufique Imrose Khalidi
The Bangladesh officials and the foreign shareholders of the Karnaphull Fertilizer Company sit today tn Dhaka in a bid to find a solution to the crisis that the country’s largest foreign-Invested project is In.
Top officials of the shareholder firms Including Dr Haldor Topsoc arrived Dhaka yesterday to Join the meeting.
Dr Topsoc is highly respected and revered by the project's foreign shareholders.
The Issue of gas price figured prominently in the mcct-(hg held late Wednesday night al the Prime Minister's residence.
The pricing of gas has been one of the sore points that have led to the impasse. The foreign promoters arc learnt to have proposed lo raise the gas price to one dollar per thousand eft from 80.75 In the contract signed In '1900.
When the project was conceived In 1981, the rale was proposed at 31.50.
In 1990, the then Chairman
of BC1C, which represents Bangladesh Government in the KAFCO Board. In a letter lo the Industries Secretary categorically stated that with the existing gas price (30.75), the BCIC would be burdened with an additional loss of Taka 24 crore each year. For, the Corporation would have to pay the Bakhrabad Gas Systems Ltd (BGSL), the gas suppliers, according lo the government rate which is much higher.
Otherwise, the slate-owned BGSL would have lo subsidize the project which is illogical.
Even the public sector fertilizer plants arc not subsidized.
The economic price of gas was estimated al 31.30 per thousand cubic feel by the World Bank early this month.
Meanwhile, the 10th annual general meeting of the Company (KAFCO). scheduled to begin yesterday, has been deferred to March 7,
Sal fur Rahman, the Finance Minister, yesterday held a meeting with senior officials in preparation for today's meeting
Bangladesh faces enormous pressure from various quarters to settle the issue by curly next month.
The World Bank has also expressed concern at the delay in the settlement.
"We arc particularly concerned .... that the current difficulties with the project could have wider ramifications tn terms of discouraging foreign Investments." the WB In a letter to Bangladesh government last November said.