Bangladesh is finally buying LNG

This information was given in a report by news agency Reuters citing two officials of the National Gas Company. Note that the price of LNG increased during the Russia-Ukraine war. The government stopped buying it for 10 consecutive months. Now they are buying the fuel again as the price has come down.

RPGCL

• Last week, the Bangladesh state-controlled Converted Natural Gas Company Limited (RPGCL) placed a purchase order for one cargo of LNG in the spot market. It will arrive in the country at the end of February.
• According to a source close to RPGCL, one cargo (3.36 million mmbtu) of LNG is being purchased from French company TotalEnergies. The purchase price per unit will be 19 dollars 74 cents.
• However, tenders have not been called for this yet. Even TotalEnergies did not immediately comment on this.

The South Asian country depends on imported natural gas for nearly three-quarters of its electricity generation. But they were forced to stop buying it last year as global prices rose due to Russia's war in Ukraine.

__________________________________________________________

Also read:  Israel launched another airstrike in Gaza
__________________________________________________________

A senior official of Petrobangla said, we are planning to buy 10-12 cargoes from the spot market till next June. The price of LNG has fallen. But it is still higher than what we pay for long-term contracts.

Note that Russia started attacking Ukraine at the end of February 2022. After that, the price of LNG started to increase around the world. Because of this, the government of Bangladesh suspended the purchase of LNG. Finally, the government moved away from that position.