Draft deal signed with Singapore-based firm for LNG terminal

The government on Thursday signed a draft agreement with a Singapore-based company to develop a floating LNG terminal at 5-10 km offshore of Maheshkhali island in Cox’s Bazar. On behalf of the government, state-owned hydrocarbon corporation Petrobangla signed the initial deal with a Singapore-based US company-Astra Oil & Excelerate Energy Consortium-which will set up a floating storage and re-gasification unit (FSRU) based LNG (liquefied natural gas) terminal by 2016. “After the conclusion of negotiation, we’ve initialed a ‘term sheet’ for the project,” said Petrobangla chairman Dr. Hussain Monsur at a function at his organisation’s headquarters in the city, according to a news agency.