Bangladesh approves Petrobangla’s initial LNG deal

Bangladesh approves Petrobangla's initial LNG deal
Image courtesy of Excelerate Energy

Petrobangla’s deal to buy 2.5 million tons of liquefied natural gas (LNG) from Qatar’s RasGas has been approved by Bangladesh’s Cabinet Committee on Public Purchase. 

The final agreement will be signed soon, a senior official at the energy and mineral resources division of Bangladesh’s energy ministry told Platts.

He said the price was set at around 12.5 percent of the three-month average Brent crude prices plus 0.5 percent.

The deal between the state-owned Petrobangla and RasGas was signed on July 13, however, the deal had to be approved by the law ministry as well as the cabinet committee.

With the deal being flexible, the official noted the volumes delivered to Bangladesh could increase in the future. The deal will cover one third of Bangladesh’s import capacity as its FSRU-based terminals spring into operation during 2018.

Bangladesh’s two terminals, one being developed by Excelerate Energy and the other by Summit LNG to be located at Moheshkhali Island in the Bay of Bengal are set to be commissioned by April 2018 and the Summit terminal by October 2018, respectively. Both FSRUs have a 3.75 million tons of LNG per year capacity.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Aug 2018 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Offshore Energy Exhibition & Conference 2018

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event.

read more >

Oil and Gas 2018

The conference will cover a wide range of topics and allow participants to discuss about the new technologies developed in Petroleum…

read more >

Gastech Exhibition & Conference 2018

The leading exhibition and conference for the global gas, LNG and energy industries.

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >