The estimated cost of the project over 20 years is around 13.3 billion Tk. The Cabinet committee on government procurement approved the project on Wednesday.

A joint venture of Business Research International Corporation and Hero Future Energy Asia will implement the project. Hero Future, a subsidiary of Indian company Hero, is registered in Singapore.

During a press briefing after the committee meeting, a reporter pointed out that Business Research International is listed in Panama.

“Is this Panama?” Asked Finance Minister AHM Mustafa Kamal, clearly referring to the Panama Papers, leaked confidential documents that revealed how the rich and powerful are using tax havens to hide their wealth.

As the reporter worked out the joint venture, Kamal immediately called Nasrul Hamid, Minister of State for Electricity, Energy and Mineral Resources.

After the conversation, Kamal said Nasrul was unaware of the issue and would notify the minister after reviewing it.

Shamsul Arefin, an additional secretary who attended the briefing, was unable to provide details on the owners of the Panama-listed company and when it was established.

“The minister spoke to the Ministry of Power. You’ll know when they send the details, ”he said.

The tariff for electricity from the power station will be 8.2 Tk per hour, he said.