IFC invests $20m in Omera Petroleum to enhance LPG use

IFC invests $20m in Omera Petroleum to enhance LPG use Staff Correspondent . Dhaka The International Finance Corporation (IFC) on Wednesday signed an agreement with Omera Petroleum to invest $20 million as a long-term loan to help the company to double its capacity and increase the availability of liquefied petroleum gas (LPG) in Bangladesh. Omera, a sister concern of Bangladeshi conglomerate East Coast Group, will expand access of LPG to 350,000 additional households (around 12 per cent of the total market potential) with the loan, says a news release. Speaking at the agreement signing ceremony, IFC country manager Wendy Werner said that IFC is committed to deliver clean energy to all people in Bangladesh. "Omera’s expansion will enable businesses and families across the country to switch from biomass energy to clean LPG fuel for cooking and commercial activities," Wendy added. "LPG makes positive development impact in Bangladesh’s energy mix. We laud the Government’s stance to promote privatization of LPG sector to create a resilient energy sector," he also said. Declining natural gas supplies have prompted the Bangladesh government to promote LPG as a major source of primary energy. The government aims to supply LPG as cooking fuel for 70 per cent of households within the next three years, reads the news release. IFC, a sister organisation of the World Bank and member of the World Bank Group-is the largest global development institution focused on the private sector in emerging markets.