The government is set to purchase two LNG cargoes from the spot market at nearly double the usual price to avert a potential energy crisis triggered by the Iran war and supply disruptions.
A global energy shortage has emerged due to the conflict, while countries including Qatar have been unable to supply liquefied natural gas (LNG) on time despite existing agreements.
Petrobangla sources said the two spot-market cargoes will cost the government about Tk2,300 crore, compared with around Tk1,100 crore spent on similar purchases last month. This means the government will have to incur an additional Tk1,200 crore.
The approval for the urgent LNG purchase was given at a meeting of the Cabinet Committee on Government Purchase last Wednesday.
A Petrobangla official said one LNG cargo will be purchased from the US-based Gunvor Group at $28.28 per MMBtu, while another will be purchased from Vitol at $23.08 per unit.
The Gunvor cargo alone will cost about Tk1,279 crore, the official said, compared with around Tk500 crore for a similar shipment in January this year.
The Gunvor cargo is expected to arrive in Bangladesh on March 15 or 16, while the Vitol shipment is scheduled to arrive on March 18 or 19.
Earlier, Petrobangla Chairman Erfanul Haque said four LNG cargoes scheduled for March have already crossed the Strait of Hormuz, but two additional vessels expected on March 15 and 18 remain stuck.
Petrobangla invited bids twice on Tuesday and Wednesday to purchase LNG from the spot market, but no bidders participated. The state agency later finalised the purchase of the two cargoes through direct negotiations in the spot market.