Bangladesh’s cabinet committee on economic affairs has approved a long-term LNG supply deal with Summit Oil and Shipping (SOSCL), a subsidiary of the Bangladeshi energy company Summit Group. Under the terms of the agreement, SOSCL will supply up to 1.5 Mt/year of LNG to the state-owned group Petrobangla for 15 years. The deliveries are expected to start from October 2026.
In 2023, The US’ Excelerate Energy also signed a 15-year LNG supply deal with Petrobangla, under which Petrobangla agreed to purchase 0.85 to 1 Mt/year of LNG from Excelerate beginning January 2026. Subsequently, in January 2024, Excelerate signed a long-term supply agreement with QatarEnergy to supply Bangladesh with LNG.
Bangladesh currently imports LNG via its Moheshkhali Floating LNG import facility, operated by Petrobangla, and via an FSRU-based terminal belonging to Bangladesh’s Summit Group. In June 2019, Summit received approval from the government of Bangladesh to develop the country’s third floating LNG terminal in Moheshkhali. Bangladesh imported 5.1 bcm of natural gas in 2022, 100% of which was LNG.