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Oman Trading International delivering first LNG to Bangladesh from Nigeria

Dhaka — Oman Trading International is set to deliver first LNG to Bangladesh this week, three months ahead of the scheduled start of its long-term contract with state-owned Petrobangla, a senior official with the importer said Monday.

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The Cape Ann LNG carrier, loaded with 136,000 cu m of Nigerian LNG, was expected to reach Bangladesh's floating LNG terminal at Moheshkhali Island January 30, according to S&P Global trade flow software cFlow.

OTI's contractual deliveries for 1 million mt/year of LNG over 10 years were originally due to commence May 2019

The new volumes are set to boost utilization rates at Excelerate Energy's floating LNG terminal, which have remained at around 60%, as domestic pipeline delays have resulted in fewer deliveries from Petrobangla's long-term contract with QatarGas.

The SPA with OTI was priced at 11.9% of the three-month average of Brent crude oil prices plus 40 cents/MMBtu. Under the contract, both parties may agree to increase LNG imports to 1.5 million mt/year, or lower them to 900,000 mt/year.

BANGLADESH SCRAPS AOT LNG SUPPLY DEAL

The delivery follows Bangladesh's decision last week to scrap a non-binding LNG supply agreement with Swiss trader AOT Energy for the delivery of 1.25 million mt/year over 15 years, on domestic infrastructure delays and the country's goal to secure a larger share of LNG from the spot markets.

The decision has turned the spotlight on other non-binding supply agreements Bangladesh has signed with other suppliers, including one with Indonesia's Pertamina to import 1 million mt/year of LNG over 10 years.

AOT Energy is shortlisted among more than 20 companies to supply LNG on a spot basis.

Supercooled: The evolving LNG fleet driving the global gas boom

The global LNG fleet grew at its fastest rate ever in 2018, with newer and better technologies. But was this enough to absorb the vast amount of new LNG supply coming 2019, mainly from the US, and still keep freight rates at affordable levels?

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-- Abache Abreu, abache.abreu@spglobal.com

-- Azizur Rahman, newsdesk@spglobal.com

-- Edited by Ikhhlaq Singh Aujla, newsdesk@spglobal.com