Saudi Arabian national oil company Saudi Aramco plans to supply LNG to the Bangladesh's national power utility Bangladesh Power Development Board (BPDB), following the signature of a US$3bn tripartite agreement with ACWA Power to develop a 3,600 MW LNG-fired power plant and a related LNG terminal in the Moheshkhali area in Cox’s Bazar (southern Bangladesh).
The agreement would strengthen relations between Saudi Arabia and Bangladesh, which already imports 0.7 Mt/year of Arab Light crude oil from Saudi Aramco to supply its sole refinery. In addition, Bangladesh's LNG imports are expected to triple to at least 10 Mt/year over the next 3 to 4 years, making the country a major LNG importer in Asia. So far, the country has two floating storage and regasification units (FSRUs) with a total regasification capacity of around 7.5 Mt/year. Another 7.5 Mt/year onshore regasification project is planned in Cox's Bazar and is expected to be completed within 5 years (2024).