Tk 1,243 crore LNG to be imported from int’l spot market

The government today approved two proposals to buy 67.20 lakh tonnes of liquefied natural gas (LNG) worth Tk 1,243 crore from the international spot market to alleviate the energy shortage facing the economy.

The cabinet committee on purchase gave the nod to the proposals during a meeting at the secretariat in Dhaka. Finance Minister AHM Mustafa Kamal presided over the meeting.

The spot market is where financial instruments, such as commodities, currencies, and securities, are traded for immediate delivery.

Of the LNG, 33.60 lakh MMBTu of LNG would be supplied by Switzerland's TotalEnergies Gas & Power Ltd. Per unit will cost $13.77.

An equal amount of super-chilled fuel would be supplied by Vitol Asia Pte Ltd of Singapore with each unit costing $14.97.

The meeting approved a proposal seeking to import 30,000 tonnes of superphosphate fertiliser from OCP Group of Morocco at Tk 129.10 crore. Each tonne will be priced at $393.

Some 40,000 tonnes of di-ammonium phosphate, popularly known as DAP, will be purchased from Saudi-based Ma'aden at a total price of Tk 237.61 crore. The price will be $542 per tonne.

A proposal from the Payra Port Authority received the consent to procure two mobile harbour cranes and allied equipment worth Tk 109.53 crore for the Payra Sea Port. Saif Powertec Ltd will deliver the items.