Saudi Arabia has assured its assistance in the commercial supply of Liquefied Natural Gas (LNG) to Bangladesh on an emergency basis. The Saudi assurance came during the 14th meeting of the Joint Economic Commission of the two countries held from October 30 to 31 in its capital Riyadh. The Saudi delegation in the meeting also assured its assistance after Bangladesh requested investment in the Eastern Refinery Unit 2 project. read more: Political stability, good incentives attract Saudi companies to invest in Bangladesh: Saudi Envoy Two Memorandum of Understandings (MoUs) were signed between the two countries during the meeting on mutual cooperation in recruitment, training of naval professionals, and increasing trade. During the meeting, the two countries agreed to form a task force to enhance energy cooperation between Saudi Arabia and Bangladesh. It was decided to hold regular meetings of the task force on cooperation in the energy sector at convenient times for the two countries. In the meeting, discussions were held regarding the construction of 1000 MW solar power and 730 MW gas power plant in Bangladesh by Saudi ACWA Power. Read more: Saudi delegation to visit Bangladesh soon to discuss energy cooperation: Envoy In the meeting, a memorandum of understanding was signed between the Bangladesh Ministry of Shipping and the Ministry of Communications and Information in Saudi Arabia to increase mutual cooperation in all possible fields including recruitment, and training of the maritime professionals of the two countries. Bangladesh Ambassador to Saudi Arabia Mohammad Javed Patwary signed the MoU on behalf of Bangladesh and Deputy of Maritime Transport Abdul Rahman M Al Thunayen signed on behalf of Saudi Arabia. In the meeting, another MoU was signed between the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI), and the Federation of Saudi Chambers and Commerce to form a Joint Business Council to increase trade. The MoU was signed by FBCCI Vice President Md Habib Ullah and his Saudi counterpart Vice President of the Federation of Saudi Chambers Tariq bin Muhammad Al-Haidari. Read More: Dependence on LNG import to continue, more terminals to be set up: Energy Advisor An agreement was made between the Health, Education and Family Welfare Division of Bangladesh and the Saudi Ministry of Health To sign an expedited MoU for an 'Executive Program' for the recruitment of professionals from Bangladesh in the Saudi health sector. Besides, a consensus was made on the signing of another MoU aiming to increase effective bilateral support in all fields of science and education between the education ministries of the two countries. Economic Relations Division Secretary Sharifa Khan led the Bangladesh delegation during the meeting while Saudi Vice Minister of Human Resources and Social Development for Labor Dr. Abdullah Abuthnain led the Saudi delegation. Read More: Nasrul Hamid now hopes power supply situation will improve from Nov The next meeting of the Joint Economic Commission will be held in Dhaka.

Bangladesh is unlikely to get any additional liquefied natural gas (LNG) from Qatar before 2025 as the gulf country has recently turned down a request in this regard. According to official sources in Dhaka, Qatar straight away rejected a plea to increase its supply of LNG right at this moment when Bangladesh has desperately been looking for primary fuel at a cheaper rate. Read: Dependence on LNG import to continue, more terminals to be set up: Energy Advisor Petrobangla chairman Nazmul Ahsan, who recently led a delegation to Qatar, said the energy-rich gulf nation did not agree to Bangladesh’s request to immediately increase the supply. “They only agreed to increase LNG supply from 2025” he told UNB adding, “We can get additional 2 million ton per annum (MTPA) of LNG from that time” “But the rate and other terms and conditions have not been settled yet”, he noted. Bangladesh has been importing LNG from Qatar and Oman since 2018 under two separate long-term contracts. As per a 15-year contract with Qatar, it can supply the highest 2.5 MTPA of LNG and the supply will not come below 1.8 MTPA. Since the contract is a long-term one, the rate of the LNG was relatively lower - between $11-$17 per MMBtu (million British Thermal Unit) - compared with its higher rate in the international spot market , said a Petrobangla official. After improvement in the Covid-19 situation, demands grew for primary fuel pushing up the LNG price in the spot market. The Russian-Ukraine war that began in February deteriorated the situation with the LNG price skyrocketing to $70 per MMBtu before coming down to current price of around $37 per MMBtu. Against this backdrop, Bangladesh moved to raise import of LNG under long-term contracts. State Minister for Power, Energy and Mineral Resources Nasrul Hamid visited Qatar in March this year and met with Qatar’s State Minister for Energy Saad Sherida Al-Kaabi, in Doha to place a request to increase the supply. As follow-up of the state-minister’s meeting, the Petrobangla team, led by its chairman, visited Qatar recently and held a meeting with the LNG supply company to increase the supply. Petrobangla statistics show that the country currently produces about 2,773 million cubic feet of gas per day (mmcfd) where the share of imported LNG is about 470 mmcfd against last year’s 750 mmcfd. Read: Bangladesh seeks additional supply of LNG to meet growing demand Bangladesh suspended import of LNG from international sport market in July this year due to the price escalation. It also announced staggered holidays for area-based industries from August to minimise consumption of both natural gas and electricity. Under a staggering programme an area-based factory holidays will be maintained to limit consumption of both natural gas and electricity. Officials of the Power Division said that the new rationing system will help save around 500-550 MW of electricity. Under an ongoing austerity measure all the diesel-fired power plants are now shut and load-shedding is being implemented officially from July 19 to reduce diesel imports and save foreign currency. Although area-based load-shedding was scheduled for one hour, it allegedly continued for three hours at a time in some city areas across the country. Load shedding in rural and remote areas, however, stretched for more hours, consumers claim. Markets and shopping malls can now stay open until 8:00 pm. The government also prohibited illumination in different social gatherings in community centers, shopping malls, shops, offices and houses since July 7.

A Memorandum of Understanding (MoU) between Bangladesh and Malaysia on cooperation in the supply of Liquefied Natural Gas (LNG) was inked virtually on Tuesday.  Under this MoU, Petronas LNG Ltd and Global LNG Sdn Bhd of Malaysia and Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) of Bangladesh are the designated entities in the LNG supply. Also read: Cabinet body okays 10 proposals including import of petroleum fuel, LNG

Finance Minister AHM Mustafa Kamal has said that the concerned ministry will be asked to provide details about Vitol Asia, a company selected for supplying liquefied natural gas (LNG) worth Tk 623.63 crore to the country.