Third floating LNG terminal to be operational before 2028: Mahdi

Prime Minister’s Adviser and spokesperson of the Prime Minister’s Office Mahdi Amin has said initiatives are being taken to launch the country’s third floating LNG terminal (FSRU) before the beginning of 2028 to address power and gas shortages and support industrial and business growth.

At the same time, work is underway to drill 150 gas wells in the medium term. After that, another 150 wells will be drilled, he added.

Mahdi made the remarks after a meeting with top leaders of more than 20 business organisations at the Secretariat on Monday, chaired by Prime Minister Tarique Rahman.

He said the meeting discussed in detail issues related to power, gas, energy and mineral resources to boost industrialisation and employment. The government’s two, five and 10-year plans for the power and gas sectors were also presented to business leaders.

He said Bangladesh currently has two FSRUs, creating a dependency on them for LNG supply. One of the two had remained out of operation for a long time. Alongside repairing it, plans have been taken to increase the number of FSRUs. The initial target is to have three FSRUs and eventually five. Efforts are underway to add the third FSRU before the beginning of 2028.

The adviser said the government is also focusing on domestic gas exploration rather than relying solely on LNG imports to increase gas supply. He said the process of drilling around 150 gas wells is underway. After completing these projects, another 150 wells will be drilled.

In addition, initiatives are being taken to construct land-based LNG terminals and expand gas transmission and distribution networks, he said.

Mahdi also outlined the government’s future plans for the power sector, saying it aims to develop a diversified power-generation system by prioritising solar power alongside oil, gas and coal. While seeking self-reliance in the country’s energy resources, the government will give the highest priority to solar energy.

He said the government’s goal is to build a power and energy system that ensures an uninterrupted supply for the country’s industrial and business sectors while also diversifying energy sources.

Saying that various problems and proposals of business leaders were raised at the meeting, Mahdi said businesses have played an important role in the country’s industrialisation and economic progress through their labour, sacrifices and investments. The government wants to provide the necessary policy support from the public sector, while the private sector will implement those initiatives.

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He said the government and private sector must work together to take the country forward. The accumulated problems in the economy resulting from various longstanding challenges cannot be fully resolved in a day, a month or even a year.

However, he said, there is strong commitment, sincerity and a specific plan at the highest level of government to address these issues.

Mahdi said business leaders presented their problems to the government. The government believes that every problem can also open the door to new opportunities. Cooperation between the government and business organisations and apex bodies will be further strengthened. Discussions were also held on continuing such consultations in the future.

He said business leaders highlighted the problems and prospects of their respective sectors at the meeting. Taking these views into consideration, the government and private sector will work together to boost industrialisation, employment and economic growth.