MUSCAT: OQ Trading Ltd (OQT), an energy trading entity owned by OQ, the global integrated energy group of the Sultanate of Oman, signed on June 19 a new LNG Sales and Purchase Agreement (SPA) with Petrobangla, a state-owned company responsible for the exploration, production, and distribution of oil, gas, and mineral resources in Bangladesh, on Monday.

Under the new SPA, OQT will deliver between 0.25 million tonnes to 1.5 million tonnes of LNG per annum from their diverse global portfolio, adding to the 1.0 MTPA already contracted in the initial SPA signed in May 2018. This new SPA is set to last until 2035, providing both companies with increased stability and a prolonged avenue for growth.

On this occasion, Wail bin Zuhair al Jamali, CEO of OQT, said: “The new LNG Sales and Purchase Agreement marks a pivotal moment in the collaboration between OQT, Petrobangla, and both nations. This new long-term agreement solidifies the partnership of both companies and sets a new stage for mutually beneficial cooperation.”

He added: “This significant increase in LNG trade between OQT and Petrobangla serves as a testament to the strong partnership that has developed over the years.”

By signing this agreement, both Sultanate of Oman and Bangladesh affirm their commitment to enhancing collaboration in the energy sector.

SOURCE: OQ Trading

Date: 20 June 2023