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Govt to buy Tk 624cr LNG from Singapore firm
In January, Asian spot LNG prices rose to unprecedented levels due to cargo shortages, transportation bottlenecks and supply outages. Photo: Reuters/FILE
The government yesterday approved two proposals to buy a total of 67.2 lakh MMBTU liquified natural gas from spot market for Tk 623.64 crore to meet the growing demand for the super-chilled fuel.
Vitol Asia Pte Ltd of Singapore will supply the fuel. The cabinet committee on purchase approved the proposals to buy the LNG from the spot market in a meeting, presided over by Finance Minister AHM Mustafa Kamal.
In a spot market, financial instruments, such as commodities, currencies and securities, are traded for immediate delivery.
LNG supply dearth worsens gas crisis
Officials see no chance of improvement until end of this month; national grid now gets 25pc less than required LNG
Dhaka city dwellers are suffering due to shortage of pipeline gas for two months and the authorities promises to solve the problem so far appear empty.
Now, it seems people would have to live with that for the rest of the month and beyond.
Managing Director Ali Iqbal Md Nurullah of Titas Gas Transmission and Distribution Company Ltd on January 19 told The Daily Star that they were trying to make the supply normal by next Friday (January 22).