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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)
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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.

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IEA Is Ready to Further Tap Global Oil Reserves if Needed, Chief Says

25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
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IEA Is Ready to Further Tap Global Oil Reserves if Needed, Chief Says

25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)
25 January 2019, Switzerland, Davos: Executive Director of the International Energy Agency Fatih Birol speaks during the Annual Meeting 2019 of the World Economic Forum. (Valeriano Di Domenico/World Economic Forum/dpa)

The head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed but "we stand ready to act" if the energy shock resulting from the war with Iran requires ‌it.

The 32-member ‌IEA agreed last month ‌to ⁠release 400 million barrels of ⁠oil from reserves, the largest coordinated release ever, in a bid to calm oil markets.

The US, the world's largest oil and gas producer, agreed to release 172 million barrels ⁠from its Strategic Petroleum Reserve.

"I ‌hope, very much ‌hope, we don't need to do ‌it but if it is needed we ‌are ready to act," Birol said.

Birol reiterated at an Atlantic Council event that the war has resulted in the worst ‌global energy disruption ever and said that more than 80 oil ⁠and ⁠gas facilities including production, terminals and refineries across the Middle East have been damaged by war with Iran.

Benchmark oil prices are trading near $100 a barrel.

Due to the vast extent of the production shut-ins and closure of the Strait of Hormuz, the oil releases are "not a solution," Birol said, "it's just reducing the pain."

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Hapag-Lloyd Says US Plans to Block Hormuz Difficult to Assess

(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
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Hapag-Lloyd Says US Plans to Block Hormuz Difficult to Assess

(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)
(FILES) A Hapag Lloyd container ship is seen in Rotterdam's harbour on August 1, 2022. (Photo by JOHN THYS / AFP)

Germany's Hapag-Lloyd said on Monday that it is difficult to assess what effect US President Donald Trump's plans to block the Strait of Hormuz would have on shipping.

"What's important is that passage through the Strait of Hormuz be restored as soon as possible," said a company spokesperson in an emailed statement.

From Hapag-Lloyd's view, as long as there are mines, passage is not possible, and in addition, insurance for passage is also difficult to obtain at this time, added the spokesperson.

Business

UN: Iran War Could Plunge 32 million into Poverty

People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
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UN: Iran War Could Plunge 32 million into Poverty

People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)
People shop at the fruit and vegetable market the day after negotiations between Iran and the US in Pakistan failed to produce a deal, in the capital Tehran on April 13, 2026. (Photo by ATTA KENARE / AFP)

More than 32 million people worldwide could be plunged into poverty by the economic fallout from the Iran war, with developing countries expected to be hit hardest, the United Nations Development Program (UNDP) warned.

In a report issued amid doubts over a fragile ceasefire, the UNDP said the world is facing a “triple shock” involving energy, food and weaker economic growth.

The agency said the conflict is reversing gains in international development, with the impact expected to be felt unevenly across regions.

Alexander De Croo, UNDP administrator and former prime minister of Belgium, said: “A conflict like this is development in reverse. Even if the war stops, and a ceasefire is very welcome, the impact is already there.”

“You will see an enduring impact, especially in poorer countries, where people are being pushed back into poverty. This is the most painful aspect. The people being pushed into poverty are very often the same people who were in poverty, escaped it, and are now being pushed back.”

Energy prices surged sharply during the six weeks of the Iran war after Iran’s closure of the Strait of Hormuz choked global oil and gas supplies. With knock-on effects on fertilizer supplies and global shipping, experts warn of a “time bomb” threatening food security in the developing world.

The head of the International Monetary Fund said the war’s “devastating effects” have caused lasting damage to the global economy, even if the conflict ends.

Publishing its report alongside meetings of world leaders in Washington for the IMF Spring Meetings, the UNDP said a global response is required to support countries hardest hit by the economic fallout.

It said targeted and temporary cash transfers are needed to protect the most vulnerable households in developing countries, at a cost of about $6 billion to mitigate the shocks for those living below the poverty line.

De Croo said international agencies and development banks could provide financial support. “There is a positive economic return from short-term cash transfers to avoid people being pushed back into poverty,” he said. Alternative measures could include temporary subsidies or vouchers for electricity or cooking gas.

Setting out three scenarios for the war, the UNDP found that in the worst case – involving six weeks of major disruption to oil and gas production and eight months of sustained higher costs – up to 32.5 million people globally would fall into poverty.

The report used the upper-middle-income poverty line defined by the World Bank, set at less than $8.30 per person per day.

The UNDP said that while richer countries are in a stronger position to cushion the economic fallout, countries in the global south face weaker conditions and already severe financial constraints.

This comes as western governments, including the US, Germany, France and the UK, cut aid spending amid rising borrowing and debt levels in advanced economies and calls to increase defense spending.

Data from the Organization for Economic Co-operation and Development published last week showed that countries in its Development Assistance Committee cut aid spending to $174.3 billion in 2025, nearly a quarter lower than in 2024.