PetroBangla Sign 15 Year Deal with QatarEnergy to Buy LNG

QatarEnergy offshore gas field (QatarEnergy website)
QatarEnergy offshore gas field (QatarEnergy website)
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PetroBangla Sign 15 Year Deal with QatarEnergy to Buy LNG

QatarEnergy offshore gas field (QatarEnergy website)
QatarEnergy offshore gas field (QatarEnergy website)

Bangladesh's state-owned gas company PetroBangla will sign a 15-year deal with QatarEnergy on Thursday to buy two million tons of liquefied natural gas (LNG) annually.

PetroBangla chairman Zanendra Nath Sarker said on Tuesday, "Under the new deal with Qatar, the LNG will be supplied from January 2026," according to Reuters.

Reuters reported on Tuesday that QatarEnergy would sign a long-term LNG supply deal with an Asian entity.

The agreement will be one of many to come in 2023 as state-owned QatarEnergy secures sales for its mega expansion of North Field, a source with direct knowledge of the new contract agreement, who did not wish to be identified, said.

Qatar is the world's top LNG exporter, and competition for LNG has ramped up since the start of the Ukraine war, with Europe, in particular, needing vast amounts to help replace Russian pipeline gas that used to make up almost 40 percent of the continent's imports.

But Asia has been far ahead in securing gas from Qatar's massive production expansion project.

The contract will be QatarEnergy's second to Asia since it started selling the gas expected to come onstream from the North Field expansion project.

The two-phase expansion plan will raise Qatar's liquefaction capacity to 126 million tons annually by 2027 from 77 million.

Qatar's first Asian deal with Sinopec, the longest to be signed at 27 years for the supply of four million tons a year, was followed by the state-owned Chinese company taking a five percent stake in the equivalent of one North Field East LNG train.

QatarEnergy's sales and purchase agreements to supply Germany with around two million tons of LNG annually through a partnership with ConocoPhillips cover at least 15 years.

The North Field expansion project will help guarantee long-term supplies of gas globally. North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its share South Pars.

QatarEnergy chief Saad al-Kaabi said last week there was significant demand for LNG and that by the end of the year, he expects to have signed supply deals for all the gas expected to come on stream from the North Field expansion.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.