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Dhaka Monday,  Feb 6, 2023

Govt To Build $2.6b LNG Import Capacity Despite Crisis

Bangladesh was placed 7th on the list of top 10 Asian investors with plans to build liquefied natural gas import capacity worth $2.6 billion despite the crippling gas crisis, according to the US-based Global Energy Monitor.

In Bangladesh, 15.1mpta (million tonnes per annum) of new LNG import capacity is being proposed while 9.3mtpa of LNG projects are in operation, said the GEM report released on Thursday.

‘High LNG prices have already had a significant impact across Asia. South Asian LNG buyers are finding it difficult to pay high spot prices,’ the report said, warning that a large part of these investments could soon become stranded asset.

The overall planned LNG import capacity worth $119 billion could lock Asian economies into reliance on a volatile, expensive energy source, and challenge global efforts to address the climate crisis, the report said.

The report was released on Thursday in which Pakistan precedes Bangladesh with $3.6 billion investment in LNG import capacity development.

India occupied the second spot in the list with $10.1 billion investment in LNG import capacity development, followed by Vietnam with $8.1 billion, Thailand with $3.5 billion investment, the Philippines $2 billion investment, and Taiwan with $4.7 billion investment.

China topped the list of LNG import capacity investors with $72.1 billion investment.

Bangladesh is among top 10 Asian countries proposing $2.6 billion cost estimation for LNG import capacity.

According to the GEM report, LNG projects totaling 442mtpa or 65 per cent of global import capacity are at various stages of development in Asia and are enough to theoretically absorb the entire global LNG trade of 2021.

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