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BD set to ink long term contract to import Oman LNG

Published : Monday, 15 May, 2023 at 12:00 AM

Special Correspondent

Bangladesh is set to sign a fresh long-term LNG import contract with Oman Trading International (OTI) - known as OQ Trading - to ensure its future energy security.

"Ambassador of Oman in Bangladesh Abdul Ghaffar Al Bulushi discussed the issue with State minister for Power, Energy and Mineral Resources Nasrul Hamid on Sunday along with G-to G oil import issue," Energy Ministry's spokesman Mir Mohammad Aslamuddin said.

If inked, it would be Petrobangla's second long-term deal with OQ to purchase LNG. During the meeting, Bangladesh request Oman to send some LNG cargo to Bangladesh immediately as per earlier contract, Aslam said.

Meanwhile, the company is currently supplying fuel to Bangladesh at lower rate compared to Qatargas, other long-term LNG supplier to Bangladesh.

Officials said a couple of years back OQ offered to double its LNG supply to Petrobangla to around annually 2.0 million tonnes from its existing supply deal for 1.0 million tonnes.

However, Bangladesh started importing LNG in 2018, with the first cargo arriving on April 24, 2018 from Qatargas for re-gasification in the country's first operational floating, storage and re-gasification unit (FSRU) of the US's Excelerate Energy's "Excellence" with 3.75 million tonnes per year capacity.

The country's second FSRU, owned by Summit Group - having 3.75 million tonnes per year capacity, was commissioned in April 2019.

Bangladesh will need to import around 30 million tones LNG per year by 2041 - to meet the country's mounting demand from various sectors, including industries, power units and fertiliser plants - as domestic gas reserves are depleting fast, as per Gas Sector Master Plan- 2017.

Domestic natural gas production is now waning after reaching its peak at around 2.70 billion cubic feet (Bcf) per day in 2017.

The country's domestic natural gas production is currently hovering around 2.17 Bcf per day. With around 763 million cubic feet per day (mmcfd) of re-gasified LNG, its overall output is around 2.98 Bcf per day, according to Petrobangla figure as on March 15, 2023.

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Editor : Iqbal Sobhan Chowdhury

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