Bangladesh Investment Development Authority signed heads of agreement with US-based Argent LNG in USA on Friday. Photo: BSS

DHAKA, Jan 26, 2025 (BSS) - Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun has clarified regarding the recently signed heads of agreement (HOA) with US-based Argent LNG for the potential import of up to 5 million tonnes of liquefied natural gas (LNG) annually for 20 years. 

"Signing a non-binding HOA that outlines key terms but leaves room for negotiation is the first step in a process," said Harun in a statement issued today. 

He said the path to a comprehensive, binding contract will follow laws of Bangladesh including the Public Procurement Act, 2006, the Public Procurement Rules, 2008 and the Foreign Private Investment (Promotion and Protection) Act, 1980.

The deal was signed by Chowdhury Ashik Mahmud Bin Harun and Chairman and CEO of Argent LNG Jonathan Bass in a ceremony at the Bangladesh Embassy in Washington, DC on Friday.

Argent LNG is currently developing a 25 million metric tonnes per annum (MTPA) LNG facility in Louisiana, US.