Bangladesh to buy 4 cargos of LNG from spot market

    Originally posted in New Age on 03 May 2023

    Bangladesh on Wednesday decided to purchase four cargos of liquefied natural gas from the international spot market.

    Each of the cargos will contain 33.60 lakh MMBtu of LNG.

    The decision was taken at a meeting of the cabinet committee on government purchases presided over by finance minister AHM Mustafa Kamal virtually.

    Additional secretary Sayed Mahbub Khan of the cabinet division briefed reporters on the outcomes of the meeting.

    The maximum price for MMBtu is $12.47 to be supplied by M/S Gunvor Singapore Pte Ltd., Singapore.

    The minimum price for MMBtu is $10.9 to be supplied by M/S Vitol Asia Pte Ltd., Singapore.

    The same company will supply another cargo with per MMBtu at $11.88.

    The fourth and last cargo will be supplied by M/S Excelerate Energy LP of US with per MMBtu at $12.19.

    Mahbub Khan said that the previous purchase rate for per MMBtu was $13.28.

    In February, Bangladesh resumed import of LNG from the spot market after a break of more than six months.

    The energy starve country was forced to suspend import of LNG due to shortage of foreign currencies and price hike of the item.