Bangladesh Widens LNG Supplier Pool Amid Gas Crisis
The Bangladesh government is expanding its pool of approved international LNG suppliers to secure more competitive prices and intensify competition in the market.
Petrobangla, the state-owned energy regulator, has invited applications for enlisting potential spot suppliers to procure liquefied natural gas (LNG).
Currently, only a handful of the 27 listed suppliers regularly participate in spot LNG tenders. This lack of competition drives up procurement costs.
Petrobangla's finance director AKM Mizanur Rahman told The Financial Express that the initiative aims to attract more bidders and lower prices by increasing the number of approved suppliers.
Bangladesh has been relying heavily on spot market LNG imports due to disruptions in contractual supplies from the Middle East. This year, the country imported 47 LNG cargoes from the spot market, with 45 bought after supplies were restricted due to supply disruptions in the Strait of Hormuz.