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Govt plans to import LNG from OQ Trading, 2 cargoes of LNG from Pentitude
The government has approved proposals to import liquefied natural gas (LNG) in 2027 under agreements with OQ Trading Limited of Oman and Pentitude Energy Sdn. Bhd. of Malaysia.
The proposals were recommended for approval at the 53rd meeting of the Cabinet Committee on Government Purchase (CCGP) in this year held today with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.
Under one proposal, the Energy and Mineral Resources Division sought approval to sign three separate draft side-letter agreements with OQ Trading Limited under the existing long-term LNG sales and purchase agreements (SPAs 1 and 2) and the short-term agreement (SPA 3) for LNG imports in 2027.
The proposal covers the signing of side letters under all three agreements.
In another proposal, the division sought approval to procure two LNG cargoes from Malaysia’s Pentitude Energy Sdn. Bhd. in 2027. The number of cargoes may be adjusted upward or downward subject to mutual agreement between the two parties.
The proposed pricing formula for the Pentitude supply is Japan-Korea Marker (JKM) minus US$0.18 per million British thermal units (MMBtu).
Both the proposals were recommended for approval, reports UNB.