Bangladesh clears $32m import dues to QatarEnergy LNG
Petrobangla authorities made the payment from a $500 million creditline created by the government in Jeddah-based International Islamic Trade Finance Corporation (ITFC)
Highlights:
- Total outstanding bill was $37 million
- $5 million paid on 22 April through Agrani Bank
- $32 million paid today through ITFC
Bangladesh today (29 April) paid $32 million to QatarEnergy LNG to clear all outstanding import bills.
Petrobangla authorities made the payment from a $500 million creditline created by the government in Jeddah-based International Islamic Trade Finance Corporation (ITFC), Petrobangla's Director (Finance) AKM Mizanur Rahman confirmed the matter to The Business Standard today.
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Earlier on 22 April, Petrobangla paid $5 million outstanding LNG import bills through Agrani Bank PLC to Qatar's state-owned QatarEnergy LNG from the total due of $37 million.
After paying the $5 million, Petrobangla was supposed to pay the rest of the due bills of $32 million on 23 April but failed as it was weekend in Jeddah and the due was supposed to be paid from the ITFC.
Bangladesh has a loan agreement of $500 million with ITFC to meet energy import bills for this calendar year.
On 27 April, on behalf of Petrobangla, ITFC confirmed the QatarEnergy LNG through a SWIFT message that they will receive the due bills by 29 April.
The middle eastern country's energy giant QatarEnergy LNG started exporting LNG to Bangladesh in 2018.
Under a 15-year-long contract, QatarEnergy LNG will export minimum 1.8 to 2.5 mtpa LNG at a cost of $10.114 per mmbtu with 40 cargoes each having a capacity of 32 lakh MMbtu.
