CHAIRMAN: DR. KHALID BIN THANI AL THANI
EDITOR-IN-CHIEF: DR. KHALID MUBARAK AL-SHAFI

Business / Qatar Business

RasGas signs 15-year LNG deal with Petrobangla

Published: 26 Sep 2017 - 01:21 am | Last Updated: 05 Nov 2021 - 09:59 am
H E Dr Mohammed bin Saleh Al Sada (standing right), Minister of Energy and Industry; Nasrul Hamid (standing centre) Bangladesh State Minister; Saad Sherida Al Kaabi (standing left), Qatar Petroleum President and CEO, witness Hamad Mubarak Al Muhannadi (si

H E Dr Mohammed bin Saleh Al Sada (standing right), Minister of Energy and Industry; Nasrul Hamid (standing centre) Bangladesh State Minister; Saad Sherida Al Kaabi (standing left), Qatar Petroleum President and CEO, witness Hamad Mubarak Al Muhannadi (si

The Peninsula

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 H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry; the Bangladesh State Minister Nasrul Hamid; Saad Sherida Al Kaabi, the President and CEO of Qatar Petroleum; and Syed Ashfaquzzaman, Secretary of Petrobangla.
During the event, 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 to Petrobangla’s floating storage and regasification unit (FSRU) near Moheshkhali Island in Bangladesh, marking RasGas’ first long term contract delivered 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,” said Al Muhannadi.
“Bangladesh has very ambitious growth plans and this landmark partnership between our two countries will support Bangladesh as it strives to achieve its 2021 and 2040 development goals.”
Petrobangla Chairman, Faizullah added: “Bangladesh, under the visionary stewardship of Honourable Prime Minister Sheikh Hasina, has already ensured sustainable annual growth of above 7 percent, and 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 economic, political and cultural ties were highlighted by Dr Al Sada, who went on to state that the SPA “underscores our commitment to our partnership with Bangladesh, and highlights Qatar’s continued leadership in bringing clean and reliable LNG to new markets and new customers”.
Al Kaabi said: “We are very pleased to see the Republic of Bangladesh join the list of countries that benefit from Qatari gas to support their economic growth and development by using the most environmentally friendly fossil fuel.
I would like to thank Petrobangla for their confidence in Qatar, and we look forward to working with them 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 the Emir, H H Sheikh Tamim bin Hamad Al Thani.”