Petrobangla, Gunvor sign LNG supply MoU

Petrobangla, Gunvor sign LNG supply MoU

Bangladesh’s Petrobangla on Tuesday signed a non-binding memorandum of understanding with Gunvor’s Singapore unit for the supply of liquefied natural gas from 2018. 

The two companies will finalize details of the commercial agreement at a later date, Petrobangla informed in its statement.

This is the fifth MoU the state-run Petrobangla has signed to secure the supply of LNG in attempts to cover a shortfall of domestic natural gas.

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.

The government intends to secure the supply by purchasing LNG on long-term, short-term and spot basis. With the memorandum of understanding with Gunvor, the Swiss trading company, Petrobangla intends to look into LNG trading opportunities, according to the statement.

With the memorandum of understanding with Gunvor, the Swiss trading company, Petrobangla intends to look into LNG trading opportunities, according to the statement.

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