RasGas Company Limited (RasGas) sealed a landmark 15-year Liquefied Natural Gas (LNG) Sales and Purchase Agreement (SPA) with Bangladesh Oil Gas and Mineral Corporation (Petrobangla). The agreement was signed in Doha by Hamad Mubarak Al-Muhannadi, CEO of RasGas, and Abdul Mansur Md Faizullah, Petrobangla Chairman.
The event was attended by Dr Mohammed bin Saleh Al Sada, Qatar’s Minister of Energy and Industry, the Honourable State Minister of Bangladesh Nasrul Hamid, Saad Sherida Al Kaabi, President and CEO of Qatar Petroleum, and Syed Ashfaquzzaman, Secretary of Petrobangla.
RasGas CEO Al Muhannadi outlined the size and duration of the agreement, which will see the Qatari energy giant supplying 2.5 million tonnes of LNG per annum to Petrobangla for 15 years. Deliveries will be directed to Petrobangla’s Floating Storage and Regasification Unit (FSRU) near Moheshkhali Island in Bangladesh. This will mark RasGas’ first long-term contract delivery to a FSRU.
The agreement with Petrobangla asserts RasGas’ continued commitment to ensuring energy security to its customers in Asia, as well as its position as a reliable supplier of LNG – a cleaner, more efficient source of energy.
Reliable access to energy plays a vital role in driving socio-economic growth, and RasGas has fulfilled our promise to safely and reliably provide this access for more than two decades. Bangladesh has very ambitious growth plans and this landmark partnership between our two countries will support Bangladesh as it strives to achieve it’s 2021 and 2040 development goals.’
Petrobangla Chairman Faizullah confirmed that Bangladesh has already ensured a sustainable annual growth of above 7%.
We are striving to ensure energy security and a reliable supply of gas to our entrepreneurs. LNG would play a vital role in the growth of the Bangladesh economy, and we are happy to enter into this historic partnership with Qatar, a long-trusted friend.’
Qatar and Bangladesh’s strong ties were also highlighted by Dr Al Sada, who went on to state that the SPA ‘underscores both parties’ commitments to the partnership, as well as highlights Qatar’s continued leadership in the LNG market’.
Al-Kaabi in turn, said they look forward to working to secure Bangladesh’s future needs.
This agreement enhances Qatar’s leading position as an LNG provider, and creates broader horizons of growth and development as it moves forward under the wise leadership and guidance of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar.’
For more information about RasGas, visit their website at rasgas.com.