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RasGas signs 15-year LNG deal with Petrobangla

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LNG Industry,

According to multiple sources, Bangladesh's maiden LNG import deal was tied up on 25 September after Petrobangla and Qatar's RasGas signed a 15-year agreement.

The agreement was signed in Doha by Hamad Mubarak Al Muhannadi, CEO of RasGas, and Abdul Mansur Md Faizullah, Petrobangla Chairman.

RasGas will supply 2.5 million tpy of LNG.

The construction works for the two FLNG terminals and the land-based LNG terminals are progressing well.

The government has also undertaken an initiative to construct an LNG-based power plant alongside importing small scale LNG.

As per the terms of the agreement, Petrobangla will have to deposit a standby letter of credit equivalent of the price of two months' LNG on the basis of a base annual contract quantity to a first-class international bank as financial security.

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