Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Bangladesh's state-run Rupantarita Prakritik Gas Company Ltd (RPGCL) intends to buy two more spot liquefied natural gas (LNG) cargoes during the second half of the current month before the ensuing Eid-ul-Fitr to meet the mounting demand during Ramadan.
The RPGCL has already floated tenders to purchase the LNG cargoes for March 25-26 and March 30-31 delivery windows, said a senior RPGCL official.
If these two tenders become successful, Bangladesh will be able to bag five spot LNG cargoes for March deliveries, which would be the highest LNG purchase from spot market in a single month.
The country's energy demand is expected to go up during Ramadan and the following months to meet the growing demand for irrigation and summer.
According to weather forecast of Bangladesh Meteorological Department, a couple of heat waves are expected to hit over western and southwestern parts of Bangladesh this month and the temperature is set to reach around 40 degrees Celsius. There is also a possibility of severe nor'wester this month.
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 two floating storage re-gasification units (FSRUs).
Bangladesh awarded its latest spot LNG cargo tender to Gunvor Singapore Pte Ltd for March 15-16 delivery window at US$15.47 per million British Thermal unit (MMBtu).
Bangladesh currently imports LNG from Qatar Energy and OQ Trading international under long-term deals and also purchases LNG from spot market. The country has been reeling from an acute energy crisis as its natural gas is depleting.
It has been rationing gas supply to industries, power plants and other gas-guzzling industries to cope with the growing demand.
The country's overall natural gas supply is currently hovering around 2,843 million cubic feet per day (mmcfd), including 952 mmcfd re-gasified LNG against the demand for over 4,000 mmcfd, according to the official data of Petrobangla as of March 8.
Azizjst@yahoo.com