Despite the suspension of liquified natural gas (LNG) imports from the international spot market, the government has decided to increase the number of listed LNG suppliers.
Cabinet Committee on Economic Affairs (CCEA) in a virtual meeting, with Finance Minister AHM Mustafa Kamal in the chair, approved a proposal of the Energy and Mineral Resources Division in this regard on Thursday.
The new eight companies which were added to the existing list of 16 companies are LNG Japan Corporation, Japan; Socar Trading UK Ltd.; POSCO International Corporation, Korea; Qatar Energy Trading LLC; Inpex Corporation, Japan; Pavilion Energy Trading & Supply Pte Ltd. Singapore; PetroChina International Pte Ltd. Singapore; and PTT International Trading Pte Ltd, Singapore.
However, it is not clear whether the government will withdraw the suspension on import immediately or not, reports UNB.
The government earlier suspended the import of LNG from the international spot market in July following the excessive hike in prices against the backdrop of the Russia-Ukraine war.
Before the war, Bangladesh was purchasing LNG from the spot market between $6-10 per MMBtu. After the start of the war in February this year, the price crossed $37 per MMBtu.
Now again the price took a declining trend in recent month. Last month, the price came down below $24 per MMBtu.
Besides the import of LNG from the spot market, Bangladesh has a long-term contract with Qatar and Kuwait to import the gas relatively at a much lower price which varies between $11-17 per MMBtu in recent years depending on the price of liquid fuel in the international market.
