Bangladesh approves purchase of three spot LNG cargoes
The Bangladesh government has approved the purchase of three spot cargoes of LNG, Bangladesh Sangbad Sangstha (BSS), the country's official news agency, reported on April 3.
Switzerland-based Total Energy and Power, Singapore-based Gunvor, and Vitol, a global commodity trader, have been selected to supply one LNG cargo each. The approval was granted during a meeting of the Cabinet Committee on Government Purchase, presided over by finance minister Abul Hassan Mahmood Ali.
This decision comes as part of Bangladesh's ongoing efforts to meet its energy demands and ensure the stability of its energy supply. In February of this year, the Bangladesh government had approved the purchase of a spot cargo of LNG from Vitol.
Amidst the backdrop of declining global gas prices, Bangladesh has also undertaken efforts to secure fresh long-term agreements. It recently signed a long-term LNG deal with QatarEnergy Trading, the LNG trading arm of QatarEnergy. In June last year, Bangladesh signed a deal with Oman. Last month Petrobangla got approval to sign long-term deals with Summit Oil and Shipping Company and Excelerate Energy.
Bangladesh already has existing LNG import deals with Oman Trading International and Qatargas. The country has two floating LNG terminals, each with a capacity of 500 million ft3/day, located in Maheshkhali. One of these terminals is operated by Summit, while the other is managed by Excelerate Energy.