According to Reuters, Bangladesh has compiled a shortlist of 17 companies for a spot tender process, as it prepares to purchase 1 million t of LNG next year, capitalising on the current low prices.
Petrobangla reportedly plans to sign sales and purchase agreements (SPAs) with its shortlisted companies, once cabinet has granted approval. These agreements will allow companies that sign to participate in spot tenders launched by Petrobangla during times of need.
One Petrobangla official told Reuters that the shortlist, assembled from an original list of 43 companies, includes the following companies: Mitsui, Marubeni, Osaka Gas, AOT Energy, Diamond Gas, Summit Oil & Shipping, Excelerate Energy, JERA, Gazprom, Vitol, Trafigura, Woodside Petroleum, Eni, Petronas, CNOOC, Cheniere and Chevron.
Due to new production capacity being brought online in the US, Asian LNG spot prices are currently at multi-year lows and demand growth has slowed in major economies.