Last Updated: March 18, 2023, 06:13 IST
Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina pose during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi, Sept 6, 2022. (Photo Credit: Reuters)
This pipeline will be the first cross-border pipeline between the two countries that has been built at an estimated cost of Rs 377 crore.
Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina will inaugurate the first India-Bangladesh energy pipeline today via video conference.
This pipeline will be the first cross-border pipeline between the two countries that has been built at an estimated cost of Rs 377 crore. The total cost includes the expenditure of Rs 285 crore incurred on laying the portion on the Bangladesh side.
“Prime Minister Narendra Modi and Prime Minister of Bangladesh, Sheikh Hasina will inaugurate the India-Bangladesh friendship pipeline on March 18 at 1700 hours (IST) via video-conference,” the Ministry of External Affairs (MEA) said in a statement on Friday.
“This is the first cross border energy pipeline between India and Bangladesh, built at an estimated cost of INR 377 crore, of which the Bangladesh portion of the pipeline built at a cost of approximately Rs 285 crore, has been borne by the government of India under grant assistance,” it said in a statement.
The MEA said that the pipeline has the capacity to transport one million metric tonne per annum (MMTPA) of high-speed diesel. It will supply high-speed diesel initially to seven districts in northern Bangladesh.
“The operation of India-Bangladesh Friendship Pipeline will put in place a sustainable, reliable, cost-effective and environment-friendly mode of transporting HSD from India to Bangladesh and will further enhance cooperation in energy security between the two countries,” the MEA said.
This latest project comes in line with India’s Neighbourhood First Policy which remained one of the fundamental pillars of India’s diplomacy during this period.
In September, PM Sheikh Hasina paid a State Visit to India and held bilateral discussions with Prime Minister Modi. Both the leaders expressed satisfaction at the excellent state of bilateral relations, based on deep historical and fraternal ties and shared values of democracy and pluralism.
According to MEA, India became the top development cooperation partner for Bangladesh in terms of funds disbursement during the last financial year. India has extended concessional credits amounting to almost USD 10 billion to Bangladesh, including through three of its largest bilateral Lines of Credit.
There has been a significant increase in bilateral trade, with Bangladesh remaining India’s largest trade partner in South Asia, and India becoming the largest export destination of Bangladesh in Asia.
Read all the Latest India News here