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Cabinet body okays LNG import from international spot market

  • Published at 11:41 pm September 2nd, 2020
Summit's LNG FSRU arrives ahead of schedule
File photo of Summit LNG, the company's Floating Storage and Regasification Unit (FSRU) ship Courtesy

Singapore-based Vital Asia Pte Ltd will supply the LNG to Bangladesh

The Cabinet Committee on Public Purchase on Wednesday approved 10 procurement proposals including one to import of 3.490 million British thermal unit (mmbtu) of liquified natural gas (LNG) from international open spot market. 

Briefing about the outcomes of the committee meeting, Finance Minister AHM Mustafa Kamal, who presided over the meeting, told reporters that buying LNG from international spot market will cost Tk132.93 crore. 

He noted that this import from spot market will save the government’s Tk32 crore comparing to the price of the long term suppliers. 

“This has been the first time, the government moves to import LNG from international sport market instead of long-term suppliers”, said the finance minister. 

Singapore-based Vital Asia Pte Ltd will supply the LNG to Bangladesh. 

Bangladesh has been importing LNG from Qatar and Oman under long-term contracts for the last two years.

The Cabinet body approved a proposal of the Bangladesh Agriculture Development Corporation (BADC) to import 150,000 metric tons of TSP fertilizer from OCP of Morocco at Tk400 crore. 

Another proposal of BADC to import 210,000 metric tons of DAP fertiliser at Tk695.68 crore from the same company received approval of the committee. 

The committee approved another proposal from Bangladesh Chemical Industries Corporation (BCIC) under the Industries Ministry to procure 30,000 metric tons of bagged granular urea fertilizer from Karnaphuli Fertilizer Company (Kafco). 

The other proposals include cost and time extension of different projects. These proposals include construction of two 20-Story residential buildings for police, dredging at Mongla port and Dhaka Elevated Expressway project.

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