Friday, September 29, 2023

Qatar inks 15-year LNG supply deal with Bangladesh

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QatarEnergy’s liquefied natural gas (LNG) trading arm, QatarEnergy Trading, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) to supply about 1.8 million tons per annum (MTPA) of LNG to Bangladesh for 15 years, starting in 2026.

The deal was announced on June 1.

The SPA signing at QatarEnergy’s Headquarters in Doha, was witnessed by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and Chief Executive Officer of QatarEnergy, and Nasrul Hamid, the state minister for Power, Energy and Mineral Resources of the People’s Republic of Bangladesh. 

Saad Sherida Al-Kaabi said: “Today, we are proud to be the largest LNG supplier to Bangladesh and Petrobangla by a large margin, delivering more than 3.5 million tons per annum from Qatar to Bangladesh. These supply arrangements reinforce our unwavering dedication to safeguarding the energy security of valued customers like Bangladesh and delivering the reliable energy they require for socio-economic development and prosperity.”

Concluding his remarks, Al-Kaabi thanked the working teams from both sides for their dedicated work to reach this agreement, adding: “I would also like to express our gratitude to Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, for his wise leadership and his continued guidance to and support of the energy sector.”

Qatar currently delivers more than 3.5 million tons per annum of LNG to Bangladesh. With this new SPA, QatarEnergy said it further bolsters its position as the LNG supplier of choice for its partners in the South Asia LNG markets. 

The track record of Qatar, with respect to the LNG business, cannot be understated. Guyana plans to rely on guidance from the Gulf State as it moves to craft its natural gas strategy. 

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