17th November 2020
EP Report

Bangladesh has cancelled tenders to import LNG (liquefied natural gas) from spot market in December as evaluators found too 'expensive' the bidding for two 138,000-cubic meter LNG cargoes.

 

Rupantarita Prakritik Gas Company Ltd (RPGCL), which oversees LNG imports, may go for re-tender to get expected price quotes from bidders, a senior energy ministry official sad.

 

Vitol Asia Pte Ltd was the lone bidder for both tenders for early and late December deliveries of cargoes.

 

It quoted $7.60 and $6.89 per million British thermal unit (MMBTu) respectively.

 

The quoted prices are higher than the import price of LNG from long-term contractors Qatargas and Oman's Trading International (OTI).

 

Earlier, Bangladesh cancelled tender for November delivery of spot LNG cargoes as the price quotes of two bidders - Vitol and Swiss AOT Trading AG - were found higher than expected.

 

The country has so far imported only one 138,000-cubic metre LNG cargo from spot market, which was delivered in late September.

 

Vitol delivered the first and so far the lone cargo carrying an estimated 138,000 cubic metres of LNG from spot market on September 25.

 

Regasified spot LNG entered the national gas grid immediate after the start of unloading.

 

Bangladesh could save around Tk 300 million ($3.52 million) in purchasing LNG from spot market from first cargo compared to regular LNG market.


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