Prime Minister Sheikh Hasina directed the Energy Department and Bangladesh Bank to provide the necessary US dollars to ensure uninterrupted electricity and gas supply. The good news is that spot LNG prices in the international market have fallen to a seven-month low. Besides, a gas well renovation work in the Bibiana gas field will be completed by the beginning of December. All in all, it is expected that the gas crisis will reduce a lot in December.
In this regard, Petrobangla Chairman Nazmul Ahsan said that the price of LNG in the spot market is decreasing gradually, which is good news. He said that the supply of gas will increase in December. According to the long-term contract, an average of 3 LNG cargoes will arrive every month, but 4 LNG cargoes will arrive in December. It will add at least 100 mmcfd of gas to the national grid. Besides, well renovation work in the Bibiana gas field will be completed by the beginning of December from which will add 50 mmcfd of gas.
In total, we will get 150 mmcfd of gas in December-January. As a result, the crisis in the industry will be greatly reduced, he added.
It is reported that the price of liquefied natural gas (LNG) in the spot market is now the lowest in the last 7 months. In the last two and a half months, the price of this energy product has fallen by more than 65 percent in the international market. The market price of LNG is now down to $25.88 per mmbtu (million metric British thermal unit) which was $69.96 per mmbtu last August, under the Japan-Korea marker (JKMC1) market norm. The price is decreasing every day. International energy market watchers expect LNG prices to fall further in the coming months.
The price of LNG per mmbtu in the December supply contract to Northeast Asia has now fallen to $26. Under the one-week contract, LNG prices fell by $2 per mmbtu, or 7 percent. In addition, in the supply contract in December, the LNG transported in Europe-bound cargo is being sold at $21 with a commission of $11 per mmbtu.
Industry stakeholders say, now is the right time, and it should be imported on an urgent basis. According to them, the developed countries of the world will buy and reserve LNG as the price falls.
State Minister for Foreign Affairs Shahriar Alam has also said recently that the industries and factories of the country are suffering from energy especially gas shortage, the gas problem will be solved within the next three months. In the meantime, the concerned ministries are working to resolve the crisis.
