Govt to go for direct purchase of eight LNG cargoes

The government has given in-principle approval to directly procure eight cargoes of liquefied natural gas (LNG) to meet emergency domestic energy needs.

The approval came at the 24th meeting of the Cabinet Committee on Economic Affairs today, where four separate proposals from the Energy and Mineral Resources Division were approved.

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Of the seven proposals discussed at the meeting, the committee approved the procurement of the eight LNG cargoes through the Direct Procurement Method (DPM), instead of open tendering, to ensure quick delivery of the fuel.

According to meeting sources, two cargoes each will be procured from four international companies: Blackcube International Ltd (UK), Global Fuel Supplies Pte Ltd (Australia), Plentitude Energy Sdn Bhd (Malaysia) and Maxwell International SPC (Oman).

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Official documents said the direct procurement route was chosen to safeguard national energy security and avert a potential gas supply crisis.

At the same meeting, the committee approved a proposal to import 5,000 tonnes of liquefied petroleum gas (LPG) from Speed Marketing Corporation, a concern of Speed Group, under the DPM to help stabilise the domestic market.

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The LPG will be procured at Saudi Aramco's contract price plus $97 per tonne on a cost-and-freight basis.

Meanwhile, the Energy and Mineral Resources Division withdrew its proposal seeking approval for the Draft Bangladesh Onshore Model Production Sharing Contract 2026 (Plain Lands).