Bangladesh to Buy 4 More Spot LNG Cargoes by Mid-October: Petrobangla

The Financial Express, Dhaka — Bangladesh has re-issued one tender and floated three fresh tenders to purchase four spot LNG cargoes for delivery over September and October 2026 as both of the country's floating, storage and re-gasification units (FSRUs) are operational — continuing the country's accelerated LNG procurement effort to address the persistent gas supply crisis.

The country has reissued a tender for a September 8-9 delivery window cargo and fresh tenders for September 25-26, October 1-2, and October 5-6 delivery windows, a senior Petrobangla official told The Financial Express on Monday.

🚢 Cargo Delivery Details

The cargoes are to be delivered to Moheshkhali Island, with an option to discharge at either of the country's two FSRUs located on the island. Key technical specifications:

• 📊 Volume per cargo: about 3.36 million British thermal units (MMBtu)
• 📊 Total cargo count: 4 spot LNG cargoes
• 📅 Delivery windows: September 8-9, September 25-26, October 1-2, October 5-6
• 🚢 Delivery location: Moheshkhali Island (either FSRU)
• 🚢 FSRU status: both operational

💰 Why September Tender Was Reissued

Bangladesh has reissued a tender to buy one spot LNG cargo for a September 8-9 delivery window as its previous bid was cancelled after getting higher-than-expected price quotes from the selected limited suppliers. The reissue reflects the price sensitivity of Petrobangla's procurement approach — with the state utility unwilling to accept spot LNG prices that exceed its acceptable threshold.

💰 Latest Spot LNG Awards

Bangladesh awarded its latest one spot LNG cargo for delivery over September 13-14 and September 23-24 windows to:

• 💰 Posco International Co.: at US$24.625 per MMBtu
• 💰 TotalEnergies Gas Power Ltd.: at US$24.25 per MMBtu

The ~$24-25 per MMBtu price range reflects the elevated global LNG market conditions driven by the ongoing Middle East conflict and tight global supply — significantly higher than the pre-crisis levels of $10-15 per MMBtu but below the peak $35+ levels seen earlier in the Iran war period.

📊 Spot LNG Procurement Year-to-Date

The country has so far purchased 47 LNG cargoes from the spot market this year, of which 45 were procured after the commencement of the Middle East war — highlighting the strategic shift in Bangladesh's LNG procurement pattern following the Iran war disruption. For comparison:

• 📊 2026 spot LNG cargoes (so far): 47
• 📊 2026 spot cargoes post-Middle East war: 45
• 📊 2025 spot LNG cargoes (full year): 49
• 📊 2026 procurement pace: on track to exceed 2025

📉 August Procurement Constraints

The South Asian country could purchase only a couple of LNG cargoes from the spot market for August delivery windows amid:

• ⚠️ Abrupt operations closure at one of its two FSRUs (Excelerate Energy fire incident)
• ⚠️ Suppliers' quotation of higher-than-expected prices in tenders
• ⚠️ Rough seas affecting cargo delivery schedules
• ⚠️ Faulty LNG cargo influx (separate quality issue)

The constrained August procurement contributed to the gas supply crisis that affected 660 textile mills and 62 power plants — with LNG regasification falling as low as 190 mmcfd during the Excelerate FSRU shutdown period.

📊 Current Gas Supply Position

Bangladesh is currently struggling to meet its gas demand amid elevated LNG prices, and as contracted long-term LNG suppliers continue to restrict scheduled cargo deliveries, the RPGCL official said. The country's overall natural gas supply position:

• 📊 Overall natural gas supply (August 30, 2026): ~2,307 mmcfd
• 📊 Regasified LNG contribution: 682 mmcfd
• 📊 Domestic gas contribution: ~1,625 mmcfd (remainder)
• 📊 September forecast: 750 mmcfd LNG regasification (recovery expected)

The 682 mmcfd LNG contribution as of 30 August reflects the recovery underway following the FSRU normalisation — with the September forecast of 750 mmcfd representing a meaningful improvement from the August lows.

🌏 Strategic Context: Bangladesh LNG Procurement

The four additional spot LNG cargoes form part of Bangladesh's broader strategic LNG procurement framework:

• 💰 September cargoes: 8 cargoes confirmed by Petrobangla (separate report)
• 💰 October cargoes: 4 additional cargoes via fresh tenders (this measure)
• 💰 Long-term LNG contracts: with Qatar, Oman, and other suppliers
• 💰 Spot market procurement: 47 cargoes YTD 2026
• 💰 FSRU infrastructure: Excelerate + Summit both operational
• 💰 Supplier diversification: Gunvor, Aramco, Posco, TotalEnergies

💰 Procurement Pricing Strategy

Petrobangla's decision to reissue the September 8-9 tender after receiving higher-than-expected price quotes reflects the state utility's pricing discipline:

• 💰 Acceptable price range: Petrobangla willing to pay ~$24-25 per MMBtu
• 💰 Rejection threshold: prices above ~$25-26 per MMBtu rejected
• 💰 Supplier competition: limited supplier pool constrains negotiation leverage
• 💰 Long-term contract reliance: reducing dependence on volatile spot market

The price sensitivity reflects the broader fiscal constraint on Bangladesh's energy import budget — with the FY26 petroleum import bill of $10.63 billion already straining foreign exchange reserves.

🌏 Strategic Implications

The four additional spot LNG cargoes carry several strategic implications:

• ✅ September-October supply security: 4 additional cargoes support industrial recovery
• ✅ FSRU utilisation: both units operational and receiving cargoes
• ✅ Supplier diversification: Posco and TotalEnergies among awarded suppliers
• ✅ Pricing discipline: Petrobangla reissues tenders at unfavourable prices
• ✅ Long-term supplier constraints: continued restricted deliveries from contracted suppliers
• ✅ Procurement acceleration: 47 spot cargoes YTD vs 49 full-year 2025
• ⚠️ Elevated LNG prices: ~$24-25 per MMBtu vs $10-15 pre-crisis
• ⚠️ Limited supplier pool: constrains price negotiation leverage
• ⚠️ FX reserves pressure: 4 additional cargoes add to import bill

The four additional spot LNG cargoes represent continued efforts by Petrobangla to address Bangladesh's persistent gas supply deficit — with both FSRUs now operational and able to receive cargoes. The procurement reflects a balance between supply security for the industrial sector and pricing discipline in a volatile global LNG market. With 47 spot cargoes already purchased YTD 2026 and long-term suppliers continuing to restrict deliveries, Bangladesh's reliance on the spot market for energy security is set to continue through the LDC graduation transition period beginning November 2026.