India’s Petronet Signs MoU to Set Up $950 Mn LNG Project in Bangladesh

India’s Petronet Signs MoU to Set Up $950 Mn LNG Project in Bangladesh India’s largest LNG importer Petronet has signed an MoU with Petrobangla on December 30, 2016, to set up $950 million liquefied natural gas import project of 7.5 million tonnes a year in Bangladesh. The MoU was signed between Petronet LNG CEO and Managing Director Prabhat Singh and Petrobangla secretary Syed

Ashfaquzzaman. It also includes laying a 26-Km pipline to connect the LNG project to the consumption markets. The project to be set up on Kutubdia Island in Cox’s Bazar is targeted to be completed by 2020. However, the pact signed is just a preliminary agreement, a formal pact will be signed once a joint venture is agreed between Petronet and Petrobangla.

Petronet LNG Ltd is an Indian oil and gas company formed by the government of India to import liquefied natural gas and set up LNG terminals in the country.

Petrobangla (Bangladesh Oil, Gas & Mineral Corporation) is a government-owned national oil company of Bangladesh. It explores, produces, transports and sells oil, natural gas and LNGother mineral resources. It also concludes production sharing agreements with international oil companies for exploration and development of oil and gas resources in Bangladesh.

Bangladesh

♦ Capital: Dhaka

♦ Currency: Taka

♦ President: Abdul Hamid

♦ Prime Minister: Sheikh Hasina