Dhaka, Sep 05 (V7N) — In a bid to address the country’s growing energy needs, the Bangladesh Oil, Gas and Mineral Resources Corporation, commonly known as Petrobangla, has received in-principle approval to import 20 cargoes of liquefied natural gas (LNG) from the spot market. The decision was made during a meeting of the Advisory Council Committee on Economic Affairs, presided over by Finance and Commerce Adviser Salehuddin Ahmed on Wednesday.

The LNG will be sourced from 23 companies that have signed a Master Sale and Purchase Agreement (MSPA) with Petrobangla. This import, planned under the Public Procurement Rules, 2008, is aimed at meeting the country’s urgent gas demand over the next four months, from September to December.

Six LNG cargoes are scheduled for import in September, followed by five each in October and November, and four in December. The spot market purchases are expected to alleviate pressure on the country’s gas supply, which has faced increasing strain due to rising domestic demand.

During the meeting, Finance Adviser Salehuddin Ahmed emphasized the importance of policy approval for such imports, stating that it is a necessary step before the purchase committee can give its final go-ahead. Addressing concerns regarding the credibility of the 23 companies involved, Ahmed assured reporters that the institutions had been vetted and had previously supplied LNG to Bangladesh.

Md. Nurul Alam, Secretary of the Energy and Mineral Resources Department, explained that previous LNG imports had been conducted under special laws, but the government has now decided to transition to the more transparent Public Procurement Rules for future transactions. This shift, he added, ensures the proper regulatory framework is in place and prevents potential energy crises in the future.

The country’s growing need for natural gas has prompted the government to take swift action to secure adequate supplies, as the LNG imports are crucial to sustaining industrial output and domestic consumption in the coming months.