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Petrobangla signs MoU with Gunvor Singapore to import LNG

  • Published at 01:56 am September 20th, 2017
Petrobangla signs MoU with Gunvor Singapore to import LNG
Bangladesh Oil, Gas and Mineral Corporation, known as Petrobangla, on Tuesday signed a memorandum of understanding with Singapore-based Gunvor Singapore PTE Ltd to procure liquefied natural gas. As per the MoU signed at the Petro Center in Dhaka, the quantity of supply will be fixed through negotiation between the two sides. Head of LNG-BD/Asia of Gunvor Singapore PTE Ltd Luc Speeleveled and Petrobangla Secretary Sayed Asfaquzzaman signed the deal on behalf of their respective sides. State Minister for Power, Energy and Mineral Resources Nasrul Hamid was present at the function. He said the uninterrupted supply of primary fuel can ensure the energy security of Bangladesh. Nasrul Hamid said the industries will be supplied with natural gas mixed with LNG, which could lead to gas price hike, “but the businesspeople will benefit.” State minister said the government has a plan to start supplying LNG gas after the import to industrial and commercial units on a priority basis. The LNG import is likely to begin in April, 2018 as per the government plan. The country's first LNG terminal, a 3.75-million-tonne-per year FSRU (floating storage, regasification unit) being constructed by the US-based Excelerate Energy Ltd, is expected to be commissioned in April 2018. And a second one, also with the same capacity, being built by Local Summit Group, is expected to be operational by the end of 2018.