Petrobangla, IFIC Bank ink MoU to pay LNG terminal fee

State-run Petrobangla on Wednesday signed a memorandum of understanding (MoU) with IFIC Bank Ltd. to facilitate payment of terminal fee to Summit LNG Terminal Co Ltd.
Petrobangla will make payment to Summit against the use of latter's LNG (liquefied natural gas) terminal through the IFIC Bank under this agreement.
Summit's LNG terminal started supplying re-gasified LNG (R-LNG) to the country's national grid since April last.
Currently two LNG terminals, including the first one owned by US based Excelerate Energy, are in operation at Moheshkhali island in the Bay of Bengal.
The terminals are now supplying around 567 million cubic feet per day (mmcfd) of LNG in total against their capacity to re-gasify around 1,000 mmcfd, according to Petrobangla data as on Tuesday.
This R-LNG supply is around 15.1 per cent of the country's overall natural gas output of 3,200 mmcfd.
Petrobangla secretary Syed Ashfaquzzaman and IFIC Bank's deputy managing director Shah Mohammad Moinuddin signed the MoU at a function at petrocentre where petrobangla chairman Md Ruhul Amin and IFIC Bank's managing director and CEO Shah A Sarwar were also present, among other top officials of both the two companies.
Bangladesh is currently importing lean LNG from RasGas of Qatar and Oman Trading International (OTI) of Oman under term deals for re-gasification in both these terminals, which are FSRUs (floating, storage and re-gasification units).

Azizjst@yahoo.com