According to two industry sources, Bangladesh paid for two liquefied natural gas (LNG) cargoes for delivery in October at record high prices amid the supply crisis.
One cargo was purchased from Vitol at USD35.89/mmBtu for delivery in mid-October. Another cargo will come from Gunvor for late October delivery at a price of USD36.95/mmBtu.
Bangladesh did not have any other options but buy the gas at such high prices as the slumping gas stockpiles in Europe prompted competition with Asian countries for supplies in the upcoming winter.
On a related note, Bangladesh scrapped its plan to halt the renewing of energy projects’ leasing in the country on the back of the volatility of energy prices.
“We need to be prepared. LNG prices are breaking all records. We simply do not know how far it will go. That is why we are keeping all options open,” one power ministry official said.
