DHAKA - PetroChina is among the eight new international firms the Bangladeshi government has listed to purchase LNG (liquefied natural gas) from the spot market.

The Bangladeshi government approved a proposal on Thursday at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Finance Minister AHM Mustafa Kamal.

In line with the approved proposal, the Master Sale and Purchase Agreement (MSPG) will be signed with eight firms including PetroChina International Pte Ltd. Singapore; LNG Japan Corporation, Japan; Socar Trading UK Ltd; POSCO International Corporation, South Korea; QatarEnergy Trading LLC; Inpex Corporation, Japan; Pavilion Energy Trading & Supply Pte Ltd Singapore; and PTT International Trading Pte Ltd, Singapore.

After the meeting, Cabinet Division Additional Secretary Sayeed Mahbub Khan told reporters that the government has such kind of MSPA with 16 firms.

Following the latest approval, the number of such firms under MSPA would be increased to 24 to make the LNG procurement process more competitive, he said.

With the global price hike of fuel oil and shortage of supplies due to the Russia-Ukraine conflict, Bangladesh is contemplating importing dozens of LNG cargoes from long-term suppliers to cope with the mounting natural gas demand.