DHAKA, Nov 3, 2022 (BSS) - The government today approved a proposal in principle for increasing the number of signatory firms under the Master Sale and Purchase Agreement (MSPG) for procuring LNG from the spot market.

Under the proposal moved by the Petrobangla under the Energy and Mineral Resources Division, MSPA will be signed with eight more firms.

These are: LNG Japan Corporation, Japan; Socar Trading UK Ltd.; POSCO International Corporation, Korea; Qatar Energy Trading LLC; Inpex Corporation, Japan; Pavilion Energy Trading & Supply Pte Ltd. Singapore; PetroChina International Pte Ltd. Singapore; and PTT International Trading Pte Ltd, Singapore.

The approval came from the 24th meeting of the Cabinet Committee on Economic Affairs (CCEA) in this year held today virtually with Finance Minister AHM Mustafa Kamal in the chair.

Briefing reporters after the meeting virtually, Cabinet Division Additional Secretary Sayeed Mahbub Khan said that the day's CCEA meeting approved a total of two proposals.

He said that the government has such kind of MSPA with 16 firms and with the latest approval the number of such firms under MSPA would increase to 24 to make the LNG procurement process more competitive.

Mahbub also informed that the meeting approved another proposal in principle from the Ministry of Liberation War Affairs for procuring the necessary services under the Direct Procurement Method (DPM) for holding various programmes to implement the unfinished events and other programmes marking the golden jubilee of country's independence.