Bangladesh allows 8 new firms to procure LNG from spot markets
The Bangladesh government has allowed eight new firms to procure LNG from the spot markets, state news agency Bangladesh Sangbad Sangstha (BSS) reported on November 3.
The government approved the proposal at a meeting of the Cabinet Committee on Economic Affairs chaired by finance minister AHM Mustafa Kamal. The state energy company Petrobangla will now sign agreements with the eight companies.
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The companies selected are LNG Japan Corporation, Socar Trading UK, POSCO International Corporation, Qatar Energy Trading, Inpex Corporation, Pavilion Energy Trading & Supply, PetroChina International and PTT International Trading.
Bangladesh already has similar agreements with 16 firms and with the latest approval the number would increase to 24, BSS reported. Cabinet division additional secretary Sayeed Mahbub Khan said this will make the LNG procurement process more competitive.
The south Asian nation is facing a shortage of gas which has impacted power generation and industrial activities. The depreciation of the local currency against the US dollar has made it difficult for the government to pay for LNG imports.