Bangladesh is set to import around $15 billion worth of energy products including liquefied natural gas (LNG), liquefied petroleum gas (LPG) and petroleum products, in next 15 years from the United States as per the Agreement on Reciprocal Trade (ART) signed with the country.
"Government plans to import 16 LNG cargoes from Excellerate Energy this year at an estimated cost of Tk 7,500 crore," Power and Energy Adviser Muhammad Fouzul Kabir Khan confirmed.
According to him, the government intends to begin LNG and LPG imports during the initial phase of the agreement.
"We have not held specific discussions about the import volumes. This is non-binding. The process remains unchanged, as any purchase will require approval from the Cabinet Committee on Public Purchase. These figures are estimates of potential imports from the US," he said.
He added that all existing procedures for imports and procurement would remain unchanged.
Energy and Mineral Resources Division Secretary Mohammad Saiful Islam said the government expects to import 16 LNG cargoes under a long-term agreement with US-based company Excellerate Energy.
He added that the ministry would seek to secure more long-term energy deals in the coming months to reduce costs.
Islam also said the government had saved a significant amount of foreign exchange under the current procurement process.
"The agreement will serve as a powerful magnet for international investment while cementing Bangladesh's position as a key strategic partner in the Indo-Pacific region," Commerce Adviser Sk Bashir Uddin described the signing of the ART as a pivotal milestone in bilateral relations.
The Government of Bangladesh formally signed the landmark agreement with the US recently, concluding nine months of high-level negotiations led by the Ministry of Commerce in coordination with the National Board of Revenue, the Bangladesh Embassy in Washington and other ministries.
