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Wednesday, January 17, 2024

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ENERGY

UNB, Dhaka
Wed Sep 28, 2022 06:07 PM
Last update on: Thu Sep 29, 2022 02:55 PM
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Energy




QATAR WON'T INCREASE LNG SUPPLY TO BANGLADESH BEFORE 2025: PETROBANGLA

UNB, Dhaka
Wed Sep 28, 2022 06:07 PM Last update on: Thu Sep 29, 2022 02:55 PM
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File Photo: Star

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.

FOR ALL LATEST NEWS, FOLLOW THE DAILY STAR'S GOOGLE NEWS CHANNEL.

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 USD 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 USD 70 per MMBtu before coming down to current
price of around USD 37 per MMBtu.

Against this backdrop, Bangladesh moved to raise imports 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.

Bangladesh suspended import of LNG from the 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 500-550MW 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 8:00pm.

The government also prohibited illumination in different social gatherings in
community centers, shopping malls, shops, offices and houses since July 7.


Related topic:
LNG exportLNG importLNG import QatarBangladesh LNG import QatarLiquefied Natural
Gas
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