The state-owned public corporation Qatar Petroleum has signed a long-term deal with Vitol to supply 1.25 million tonnes of liquefied natural gas (LNG) annually to Vitol’s customers in Bangladesh.
According to Qatar Petroleum’s statement, the export will commence later this year. The Energy Minister of Qatar and CEO of Qatar Petroleum Saad Bin Sherida Al Kaabi welcomed this deal and said, “We are pleased to sign Sale and Purchase Agreement (SPA) with Vitol, and we look forward to commencing deliveries under this agreement to further contribute to meeting Bangladesh’s energy requirements.”
“This SPA also highlights our strong ability to meet the requirements of our partners and customers. We are proud to continue to be the supplier of choice for our customers and partners around the globe.” Al Kaabi added.
It’s high time we should stop ignoring the crisis that has risen in Asia due to the fall in domestic gas supplies. Bangladesh has a population of around 163 million and is gradually becoming a major importer of LNG in Asia, along with India and Pakistan. In the year 2019 Bangladesh imported approximately 3.9 million tonnes of LNG.
When was Oil Found in Qatar?
In the year 1939 over 80 years ago, Qatar joined the Middle East’s oil club with the discovery of its first onshore Dukhan oil field. Qatar does have over 25.2 billion in proven oil reserves. That’s like having 400 times of reserve compared to its annual consumption, ranking 13th in the world.
Is LPG & LNG the same?
Some of you might have got confused and thought that LNG and LPG are one of the same things, but there’s a huge difference in both these terms. LPG fuel or liquefied petroleum gas is a liquefied gas or a by-product that has been derived from the crude oil in refineries. LNG, or liquefied natural, is a natural gas converted into liquid form through liquefaction due to which it occupies approximately 600 times less space when compared to its gaseous form.
Also read: 5 Reasons why FDI are increasing in Indian Oil and Gas Sector
