Asia Energy hopeful of Phulbari project

Dhaka: Asia Energy incurred a loss of 3,286,000 Pound Sterling in 12 months till June 30, 2007, at its Phulbari Coal Mine project in Bangladesh.

According to an annual report of the Global Coal Management (GCM) ply, which owns the Asia Energy Bangladesh Corporation as its sister concern, the loss was relating to exploration expenditure in the Phulbari Coal Project. The loss was 7,643,000 Pound Sterling in the previous fiscal year ending June 30, 2006.

Despite the loss, GCM is still hopeful of getting Bangladesh government's approval to its development plan for Phulbari project, reports UNB.

The UK-based company submitted the development plan along with a feasibility study to the government nearly two years back.

The GCM in the latest annual report, released recently worldwide, mentioned that 'the Group completed the feasibility study and reduced activity while awaiting approval from the Government of Bangladesh to proceed with the next stage of the Phulbari Coal Project.'

About the Phulbari project, the GCM in its annual report mentioned that even though it has been a period of uncertainty regarding the Phulbari project, it has also been an exciting period with new additions to the company's portfolio.

The development of the Phulbari project has been delayed following the government's 'failure' to date to approve the scheme of development, it said.