As a part of the government's sincere efforts to ensure energy security, a long-term agreement for importing Liquefied Natural Gas (LNG) is set to be signed with Oman in the next week.
The Sale Purchase Agreement (SPA) for LNG import will be signed between Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) and OQ trading of Oman on June 19 in a hotel in Dhaka, according to an official of the energy ministry.
The official said Bangladesh and Oman had reached a final decision on inking the deal for 10 years. Under the deal, Bangladesh will get 0.25 to 1.5 million metric tonnes (MMT) of LNG annually from Oman Trading International from 2026.
Earlier, Bangladesh signed LNG import agreements with RasGas and QatarEnergy to ensure an uninterrupted supply of natural gas to the consumers.
On June 1, 2023, Bangladesh signed the second long-term 15-year agreement with QatarEnergy for importing 1.8 million metric tons (MMT) of LNG per year.
Besides, Bangladesh already has a deal with Qatar's RasGas which was signed on September 25, 2017, for a 15-year period, providing a supply of 1.8-2.5 MMT per year of LNG.
"The new agreement with Oman will be a milestone in the strong bilateral relationship between the two friendly countries," State Minister for Power, Energy and Mineral Resources Nasrul Hamid said on Thursday.
He said as Bangladesh's economy grows and per capita income increases, the demand for energy is growing rapidly. The current electricity generation capacity stands at 25,284 MW.
The government has set a target to generate 40,000 MW of electricity by 2030 and 60,000 MW by 2041.
Electricity coverage throughout the country has reached 100 per cent. Bangladesh has emerged as one of the fastest-growing economies globally, Nasrul Hamid added.
"As a relatively cleaner fuel source, LNG is a priority to meet the increasing energy demand," he said.
