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May 19, 2024 4:10 pm

Russia keen to set up LNG hub in Bangladesh

In a bid to strengthen economic ties with Bangladesh, Russia has expressed its interest in setting up a liquefied natural gas (LNG) hub in the country. This move could potentially transform Bangladesh into a regional energy hub, while also providing Russia with a new market for its natural gas resources.

The proposal was discussed during a meeting between Bangladesh’s Energy Minister, Nasrul Hamid, and a visiting Russian delegation led by Russian Deputy Minister for Energy, Anatoly Yanovsky. The two sides discussed the possibility of setting up an LNG terminal and a pipeline network to supply gas to power plants and industries in Bangladesh.

According to Yanovsky, Russia is interested in establishing a long-term partnership with Bangladesh in the energy sector. He noted that Bangladesh has a strategic location in the region, making it an ideal location for a regional LNG hub.

Hamid welcomed Russia’s interest in setting up an LNG hub in Bangladesh, noting that the country is keen to diversify its sources of energy and reduce its dependence on traditional fuels. He added that the project could also help Bangladesh meet its growing demand for energy.

Bangladesh is currently heavily dependent on natural gas for its energy needs, with the country’s gas reserves expected to run out in the next decade. The government has been exploring alternative sources of energy, including LNG and renewable energy, to meet the country’s growing energy demands.

If the proposal is implemented, Bangladesh could become a hub for energy trade in the region, connecting Russia with other countries in South Asia. The project could also help boost economic ties between Russia and Bangladesh, which have been growing in recent years.

Overall, the proposed LNG hub is seen as a win-win for both Russia and Bangladesh, providing a new market for Russia’s natural gas resources while helping Bangladesh meet its energy needs and diversify its energy mix. The two sides are expected to continue their discussions in the coming weeks and months to work out the details of the proposed project.

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