Experts and businesses have demanded LNG import from the spot market as the price has decreased from $58 to $30 per MMBtu but Adviser to the Prime Minister for Power and Energy Tawfiq-e-Elahi Chowdhury denied their demand arguing that Bangladesh has a scarcity of dollars.
Tawfiq-e-Elahi revealed it while speaking at the event “Mitigation of the Impact of Energy Crisis on the Industrial Sector” organized by the Bangladesh Chamber of Industries (BCI) on Sunday (23 October).
“It is not possible to import LNG from the spot market now because the price is high and we don’t have sufficient dollars,” he added.
He also said that if Bangladesh imports 200 MMcf of gas for the next six months at the current spot market rate, it will cost about $1.2 billion more than long-term LNG. But the government is not in a position to invest this amount.
“None of us know in which direction the global situation will go. So everyone should be prepared,” Tawfiq-e-Elahi added.
He also said that some coal-based power plants will come into production by next December.
“Then we can reduce the gas supply for electricity generation and give some gas for industrial use. If the situation does not improve after this, then we might have to refrain from using any electricity during the day if necessary,” PM’s energy adviser further said.
However, he said that within the next two to three months, 80 million cubic feet of gas will be shipped from the Bhola gas field and added to the national grid daily.
He also suggested minimizing the demand for gas at consumer levels.