(MENAFN- Gulf Times) QatarEnergy's LNG trading arm, QatarEnergy Trading, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) to supply up to 1.8mn tonnes per year (MTPY) of LNG to Bangladesh for 15 years, starting in 2026. The SPA signing at QatarEnergy's headquarters in Doha was witnessed by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Nasrul Hamid, Bangladesh's State Minister for Power, Energy, and Mineral Resources on Thursday. The gas would come from the ongoing North Field expansion, which seeks to enhance the country's liquefied natural gas (LNG) production capacity from 77mn tonnes per year to 126Mtpy by 2026 or 2027. North Field expansion comprises the North Field East (NFE) and the North Field South (NFS) expansion projects and is the industry's largest ever LNG project. The project is unique in that it is characterised by the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project's overall carbon footprint to the lowest levels possible. North Field expansion is a "strategic" step in cementing Qatar's position as the leading LNG producer and it will play a major role in meeting the increasing global demand for LNG. It is also in line with Qatar's long-term vision to develop the country's natural resources. In his remarks during the signing ceremony, al-Kaabi said,“Today, we are proud to be the largest LNG supplier to Bangladesh and Petrobangla by a large margin, delivering more than 3.5mn tons per year from Qatar to Bangladesh. These supply arrangements reinforce our unwavering dedication to safeguarding the energy security of valued customers like Bangladesh and delivering the reliable energy they require for socio-economic development and prosperity.” Concluding his remarks, al-Kaabi thanked the working teams from both sides for their dedicated work to reach this agreement, adding:“I would also like to express our gratitude to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani for his wise leadership and continued guidance to and support of the energy sector.” Al-Kaabi told Gulf Times that“a majority of supplies from NFE and NFS would go to Asia and with the rest likely to go to European customers. We are in advanced discussions with some customers. We will be more than sold out as far as NFE and NFS are concerned.” Hamid said Bangladesh attached top priority to liquefied natural gas and LNG imports from Qatar to meet his country's growing energy needs.“LNG will have a significant component in our energy mix as we seeks to boost supplies to our industries, textile sector in particular, Hamid said in reply to a question by Gulf Times at a media event at QatarEnergy's headquarters on Thursday. Qatar currently delivers more than 3.5mn tons per year of LNG to Bangladesh. With this new SPA, QatarEnergy reaffirms its position as the LNG supplier of choice for its partners in the South Asia LNG markets. Qatar will add 65mn tonnes per year of LNG to meet the growing needs of the world from its North Field expansion and its project in the United States, al-Kaabi said at the recently concluded Qatar Economic Forum in Doha.
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