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Petrobangla, Swiss co ink MoU on LNG supply
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Petrobangla, Swiss co ink MoU on LNG supply

SWITZERLAND: State-owned Petrobangla signed a memorandum of understanding (MoU) with Switzerland-based private firm AOT Energy AG on Tuesday for procurement and supply of liquefied natural gas (LNG) to meet the country’s mounting energy demand. Under the MoU both the parties will initiate negotiations to settle the quantity and the price of LNG.

“AOT Energy intends to supply LNG under term deal with Petrobangla,” said Aziz Ahmed, local representative of the Swiss company. He was optimistic about inking a term sheet over import of LNG within the next six years. As a trading firm, AOT Energy will be able to provide LNG to Petrobangla from different global sources, like — Australia, Indonesia and Qatar etc, he added. “This is just a MoU. Final terms and conditions will be settled following negotiations,” said Petrobangla’s LNG cell chief Md Quamruzzaman. It is Petrobangla’s second MoU to import LNG from overseas, he further said. Petrobangla inked the first MoU with Qatar’s Ras Gas in January 2011 to import around 4.0 million tonnes of LNG annually. Petrobangla later extended deadline of the MoU twice following delay in building LNG import terminal. The organisation inked a ‘confidentiality’ deal with Ras Gas in October 2015 to facilitate import of LNG. Petrobangla is eyeing to ink an initial deal over import of LNG, said officials.