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BIDA Chief Clarifies LNG Agreement with US Firm
Bangladesh Investment Development Authority signed heads of agreement with US-based Argent LNG in USA on Friday. Photo: BSS
Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), has provided clarification on the recent signing of a Heads of Agreement (HOA) with US-based Argent LNG. The agreement outlines the potential import of up to 5 million tonnes of liquefied natural gas (LNG) annually to Bangladesh for the next 20 years.
In a statement issued today, Harun emphasized that the HOA is a preliminary, non-binding document that sets the framework for future negotiations. "The signing of the HOA is just the first step in a long process. While it outlines key terms, it allows for further discussions and refinements," Harun stated.
He further explained that the subsequent steps toward a binding contract will adhere to Bangladesh’s legal framework, including the Public Procurement Act of 2006, the Public Procurement Rules of 2008, and the Foreign Private Investment (Promotion and Protection) Act of 1980.
The deal was officially signed on Friday at a ceremony at the Bangladesh Embassy in Washington, DC, by Chowdhury Ashik Mahmud Bin Harun and Jonathan Bass, Chairman and CEO of Argent LNG.
Argent LNG is currently developing a major LNG facility in Louisiana, with an annual capacity of 25 million metric tonnes (MTPA).