Petrobangla, BKB sign LNG import payment deal

State-owned Bangladesh Oil Gas and Mineral Corporation (Petrobangla) has signed a Memorandum of Understanding (MoU) with Bangladesh Krishi Bank to make its 50 percent invoices payments of LNG imported from QatarEneergy.

As per the contract, signed on Monday at Petrobangla's meeting room-1 in the city, the Bangladesh Krishi Bank (BKB) will provide foreign currency support to import LNG from Qatar under a long term contract.

Petrobangla officials said currently the organisation has similar contracts with a number of public and private banks.

“But sometimes, some of them face cash crunch to support the LC opening and subsequent payments,” a top official of Petrobangla told UNB.

BKB has a strong base of foreign currency collection through remittance from expatriate Bangladeshis which prompted the Petrobangla to sign the new deal with the bank. “It will reduce the risk of any failure of timely payment to QatarEnergy”, he added.

Director (Finance) of Petrobangla A K M Mizanur Rahman presided over the ceremony while Golam Md. Arif, General Manager, Dhaka Division of Bangladesh Krishi Bank and Md. Abdul Jalil, General Manager (Accounts), Petrobangla along with high officials of Bangladesh Krishi Bank and Petrobangla.

Secretary (Sr. General Manager) of Petrobangla Md. Amzad Hossain and Deputy General Manager of Bangladesh Krishi Bank, Kawran Bazar Corporate Branch, Ashish Kumar Das signed the MoU on behalf of their respective organizations.