The Government of Bangladesh has decided to bring in another shipment of liquefied natural gas (LNG) from the international spot market which happens to be the fifth since February this year.
The Cabinet Committee on Government Purchase (CCGP) approved separate proposals for procuring some 33.60 lakh MMBtu LNG to meet the growing demand with a view to boosting electricity production in the country,
The CCGP approved the procurement of LNG from US-based Excelerate Energy LP for Taka578.65 crore, and this time the price of the super-chilled fuel was $13.69 per MMBtu.
Since the outbreak of the Russia-Ukraine war last year; LNG prices in the global market have gone up, reaching a record $70 per MMBtu in August even as this trend of rising prices forced Bangladesh to pause the purchase of LNG from the international spot market to stop the depletion of its foreign currency reserves.
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