Bangladesh Approves Emergency LNG Purchases Amid Geopolitical Tensions
The Cabinet Committee on Economic Affairs has approved the purchase of eight liquefied natural gas (LNG) cargoes from four international suppliers to ensure uninterrupted gas supply in Bangladesh amid geopolitical instability.
The committee, chaired by Finance Minister Amir Khosru Mahmud Chowdhury, recommended policy approval for purchasing two LNG cargoes each from Blackcube International Ltd (UK), Global Fuel Supplies Pte Ltd (Australia), Plentitude Energy Sdn Bhd (Malaysia), and Maxwell International SPC (Oman) through direct international procurement.
The emergency purchases were proposed in view of the unstable geopolitical situation following the Iran and US-Israel conflict, according to the meeting outcomes. The committee also recommended policy approval for procuring 5,000 metric tons (±5%) of LPG from Speed Marketing Corporation (Speed Group) at a price of Saudi Aramco CP plus US$97 per metric ton (CFR basis).
The LPG will contain 35-40% propane and 60-65% butane and is intended to meet emergency domestic demand, increase the government's share in the LPG market, and help stabilize prices.