Govt to get Tk 527cr LNG from spot market
The government yesterday approved two proposals to import a lot more than 67.2 lakh MMBTUs liquefied gas from the location market for Tk 527.24 crore.
This is actually the third initiative from the federal government to get the fuel from the spot market.
The cabinet committee on purchase approved the proposals in a meeting chaired by Finance Minister AHM Mustafa Kamal.
The meeting gave its consent to a proposal of Petrobangla to get 33.6 lakh MMBTUs (million British thermal units) of LNG from Singapore-based Vitol Asia Pte Ltd at the expense of Tk 248.53 crore. Each MMBTU will definitely cost $7.44.
The committee also gave the go-ahead to some other proposal to procure 33.6 lakh MMBTUs of LNG from AOT Trading of Switzerland for Tk 278.70 crore. The purchase price is $8.345 per MMBTU.
On February 17, the federal government gave its nod to two proposals to get 67.2 lakh MMBTUs of LNG from the location market through Vitol Asia for Tk 623 crore to meet up the growing demand for the super-chilled fuel.
In September this past year, the federal government moved to the location market for the very first time to get the fuel at a cheaper rate.
In a spot market, financial instruments, such as commodities, currencies and securities, are traded for immediate delivery.
Bangladesh also buys LNG from Qatar and Oman under a government-to-government agreement.
