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>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 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 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >