Bangladesh plans to import nine LNG cargoes from the spot market between July and December to address the country’s growing natural gas demand in industries and power plants. However, despite these imports, the gas crisis is expected to persist due to a demand-supply imbalance. Bangladesh has already imported 12 spot LNG cargoes from February to June 2023, with overdue payments totaling around $100 million to spot LNG suppliers.
The state-run Rupantarita Prakritik Gas Company Ltd has issued a tender for two spots of LNG cargoes for July deliveries. While payment delays have occurred, both long-term and spot LNG suppliers continue to deliver to Bangladesh. The country has been purchasing multiple LNG cargoes through single tendering processes to secure lower prices. In addition to spot market purchases, Bangladesh will import six LNG cargoes in July from long-term suppliers. Petrobangla, a state-owned company, is facing challenges in making timely payments to LNG suppliers and international oil and gas companies. Efforts are being made to clear outstanding dues, including seeking assistance from the central bank and the energy ministry.
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