The government yesterday approved two proposals seeking to buy 67.20 lakh tonnes of liquefied natural gas (LNG) worth Tk 1,243 crore from the international spot market to alleviate the energy shortage facing the economy.

Prime Minister Sheikh Hasina yesterday instructed the import of liquified natural gas from the spot market by the private sector as the government looks to alleviate the industrial energy crisis that is threatening to derail Bangladesh’s growth momentum.

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency (IEA) said on Tuesday.

Bangladesh is unlikely to get any additional liquefied natural gas (LNG) from Qatar before 2025 as the gulf country has recently turned down a request in this regard.

The government is negotiating with Qatar seeking long-term contracts for the import of liquefied natural gas (LNG) as prices have abnormally climbed in international spot markets, said Salman F Rahman, the prime minister’s private industry and investment adviser, yesterday. 

All studies done by international and national agencies are in agreement that Bangladesh still has a significant amount of undiscovered gas under the ground.

Bangladesh is going to buy liquefied natural gas (LNG) from the international market at $4 lower price than the previous but at the same time it will procure fertiliser by paying additional $21 a tonne.

Govt must plan for future, reduce dependence on gas imports

Good news: Annual Import of US$3 billion Liquefied Natural Gas (LNG) is to ease the decades-long gas crisis of the country. Import will start in April, 2018 and by October more than one third of the country's gas needs would be imported in the form of Liquefied Natural Gas (LNG).