The Advisory Council Committee on Economic Affairs (ACCEA) has approved an extension of LNG (liquefied natural gas) supply contracts for seven companies. These firms will continue sourcing LNG from the international spot market under the Master Sale and Purchase Agreement (MSPA) managed by Petrobangla, the state-owned energy company.
To streamline imports, the ACCEA also approved the use of LSP software for LNG procurement until March 2025. The decision, presided over by Finance Adviser Salehuddin Ahmed, aims to address the critical gas requirements of the country’s power, industry, and fertilizer sectors.
Petrobangla currently imports LNG from 23 listed companies through international tenders conducted under Rule-85 of the ‘Public Procurement Rule (PPR)-2008.’ The contract period for eight of these companies expired on 17 December, while agreements with six more will lapse on 2 February 2025. In the meantime, MSPA contracts with 27 new companies are being processed and are expected to be finalised within 45 days.
Given the urgency, the ACCEA approved in principle the contract extension and LSP software use with 16 of the existing 23 MSPA-listed companies. This measure ensures uninterrupted LNG supply until March 2025.
Additionally, the Advisory Council Committee on Government Purchase (ACCGP) approved a proposal from Petrobangla to import one LNG cargo from the international spot market. South Korea’s Posco International Corporation will supply the cargo at a total cost of Tk692.99 crore, with an LNG price of $14.69 per MMBtu.
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