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Bangladesh has moved to buy three spot liquefied natural gas (LNG) cargoes by mid-June to meet mounting summer demand.
State-run Rupantarita Prakritik Gas Company Ltd (RPGCL) floated three separate tenders to procure three spot LNG cargoes for May 22-23, June 5-6 and June 12-13 delivery windows, a senior RPGCL official told The Financial Express Saturday.
The country’s energy demand has gone up since March with the advent of summer and is expected to grow further with the rise of mercury.
Bangladesh has been buying three spot LNG cargoes for the delivery windows of March and April, respectively.
The bid winners will deliver the LNG cargoes at Moheshkhali Island in the Bay of Bengal, with options to discharge the cargo at either of the country’s two floating storage re-gasification units (FSRUs) located on Moheshkhali Island.
The RPGCL, a wholly owned subsidiary of state-run Bangladesh Oil, Gas, and Mineral Corporation, or Petrobangla, looks into LNG trades in Bangladesh.
The volume of each of the spot LNG cargoes will also be around 3.36 million British Thermal unit (MMBtu).
Bangladesh currently imports LNG from Qatar Energy and OQ Trading International under long-term deals and purchases LNG also from the spot market to re-gasify LNG in its two operational FSRUs, having a total capacity of 1.10 billion cubic feet per day (Bcfd).
The country has been reeling from an acute energy crisis as its natural gas output is depleting.
Bangladesh has been rationing gas supply to industries, power plants and other gas-guzzling industries to cope with the mounting demand.