Bangladesh is looking to sign long-term deals for LNG at a lower rate due. Credit: Adga/ shutterstock.com.

QatarEnergy is set to sign a long-term agreement to supply LNG to Bangladesh’s state-owned gas company Petrobangla, reported Reuters.

Petrobangla chairman Zanendra Nath Sarker told the news agency that QatarEnergy would supply two million tonnes (mtpa) of LNG annually from the North Field expansion project.

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If materialised, the 15-year agreement will be effective from January 2026.

The deal marks the second of its kind with Qatar. As per the first deal, which has a 15-year period, Bangladesh agreed to pay 12.65% of the three-month average price of Brent oil and a constant of 50 cents per million British thermal units (mBtu).

Bangladesh is looking to sign long-term deals for LNG at lower rates due to increased fuel prices as a result of the Russia-Ukraine crisis.

The South Asia country previously signed a ten-year deal to import LNG from Oman Trading International. The LNG purchase price is valued at 11.9% of the three-month average price of Brent crude oil and a constant price of 40 cents per mBtu.

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QatarEnergy’s two-phase North Field expansion project is expected to increase Qatar’s liquefaction capacity from 77mtpa to 126mtpa by 2027.

The LNG project will source natural gas from the offshore North Field, which is claimed to be the largest non-associated gas field in the world.

In April 2023, QatarEnergy agreed to transfer a 5% stake in the North Field East expansion project to China Petrochemical.

Last year, QatarEnergy signed a 27-year agreement to supply 4mtpa of LNG from the North Field East expansion project to Sinopec.